New Delhi, Aug. 13 -- Gaja Capital is set to become the first standalone Indian private equity firm to list on the exchanges later this month. Its market debut comes as limited partners demand greater transparency from fund managers, putting institutionalization of India's alternative asset managers higher on the agenda, co-founder and managing director Gopal Jain told Mint in an interview.

Limited partners (LPs)-investors in private equity and venture capital funds-are increasingly scrutinizing how general partners (GPs), who manage these funds, are run, Jain said. Questions around compensation, succession, governance and decision-making are pushing fund managers towards greater institutionalization.

"While India is in still in the ear...