In a revealing fireside chat, Nainesh Jaisingh, Founding Partner & CEO of the $4 billion private equity firm Affirma Capital, provided a masterclass on how fund managers can not only survive but thrive in today’s challenging fundraising environment. The key? A relentless focus on a definable “right to win” and a disciplined, long-term partnership model that resonates deeply with institutional investors.

Having successfully led a management buyout from Standard Chartered Bank just before the COVID pandemic, Jaisingh outlined the strategic pillars that have allowed Affirma Capital to navigate global turmoil and return $3 billion to investors since its spinout.

Here are the key topics and takeaways for GPs and LPs navigating the evolving private equity landscape.

The Four Pillars of Affirma’s “Right to Win”

In a market where capital is consolidating around larger platforms and specialist firms, Jaisingh articulated a clear and compelling case for why investors should back Affirma. His “right to win” rests on four pillars:

1. Singular Focus on the Mid-Market: Affirma has stayed laser-focused on transforming mid-cap companies (typically under $500M enterprise value) across Asia for 25 years. This is where they believe the deepest opportunity for alpha in emerging markets lies.

2. Sector Dominance Across Geographies: Unlike many regional specialists, Affirma leverages its teams in Korea, India, Southeast Asia, and China to build deep sector expertise (like waste management and climate tech) that can be applied cross-border, creating a unique pattern-recognition advantage.

3. Flexible Fundraising Strategy: Affirma has adeptly pivoted from a pan-Asian fund model to raising targeted capital for specific high-demand strategies, including a dedicated India fund and a new climate-focused vehicle, while still anchoring its strategy in its core mid-market competence.

4. World-Class Governance: Inheriting robust standards from Standard Chartered Bank, Affirma’s commitment to top-tier compliance and governance has attracted a “who’s who” of global institutional investors, including the Australian government and Norway’s Nord Fund.

The Art of Strategic Expansion: Why the “Main Course” Never Changes

A central theme was discipline. When launching new strategies like their climate fund, Jaisingh emphasized that it is simply a “carve-out” of what they have always done successfully.

• Avoiding the “Hammer Looking for a Nail”: Jaisingh warned against over-specializing in Asia’s still-maturing markets. Raising a sector fund that is too large forces GPs to chase deals and overpay, damaging returns. Their climate fund is deliberately sized at $200 million to match their proven pipeline.

• The “Main Course” is Transformation: Whether it’s a generalist fund or a climate fund, the core strategy remains the same: transforming founder-led businesses by (1) installing top-tier C-suite and board talent, (2) injecting cross-border expertise, and (3) driving inorganic growth through acquisitions. “That is the soul of Affirma Capital,” Jaisingh stated. “Accompaniments can be different, but that main course will not change.”

Talent as a Moat: Building a 16-Year Partnership

In an industry known for turnover, Affirma’s stability is a significant competitive advantage. Jaisingh revealed that the founding partners have been together for 16-17 years, with the next tier averaging 13-14 years.

• Investors Bet on Stability: LPs are making a 10-year bet on a platform, and they look for a strong, growing bench of talent. Jaisingh noted that five of the seven founding partners were promoted from within, demonstrating a clear path for growth that attracts and retains top talent from larger, more impersonal global funds.

• The Payoff of Discipline: He recalled that during the 2021 tech boom, his team was “banging the table” to invest in cash-burning early-stage companies. By staying in their lane, they avoided significant losses and reinforced a culture of “consistency in strategy, consistency in discipline.”

Macro Outlook: Separating Signal from Noise

Jaisingh provided a sharp distinction between fleeting headlines and lasting trends:

• Systemic Trends (The Signal): Deglobalization, the practical application of AI, the rise of Asia, and the climate transition are fundamental, lasting forces that shape investment strategy.

• Noise (To Be Ignored): “Crazy tariff negotiations” and short-term political pushback against climate goals are transient. He believes comparative advantages between nations will ultimately prevail.

Key Takeaways for the Industry:

• For GPs: In a crowded market, a clearly articulated and demonstrably authentic “right to win” is non-negotiable. Discipline and strategic consistency are more valuable than chasing fleeting trends.

• For LPs: The most attractive GPs are those with stable teams, a replicable value-creation playbook, and the flexibility to adapt their fundraising to market demand without drifting from their core competence.

• Looking Ahead: Jaisingh is bullish on 2026, predicting “much more M&A and exits” as Affirma launches new funds and deploys capital from its recent consolidation phase.

Key timestamps:

00:07 Introduction to the Fireside Chat
00:40 Background of Affirma Capital
01:15 Reflections on the Past Three Years
03:00 Evolving the Investment Narrative
04:58 Understanding Investor Trends
06:35 Defining the Right to Win
08:12 Climate Fund Initiatives
12:38 Maintaining Core Identity Amidst New Ventures
16:22 Talent Development and Team Dynamics
19:59 Macro Trends and Future Outlook
21:46 Predictions for M&A and Exits in 2026
22:16 Closing Remarks and Acknowledgments