New Delhi, Nov. 8 -- Indian venture capital and private equity firms have traditionally made money in two ways: fees for running funds and a share of the profits. Some now want a third, holding equity in a fund management platform that could eventually get listed, Ashish Kumar, co-founder of Fundamentum Partnership and F2A, said.

Kumar expects at least four or five firms to try some version of this in the next two to three years. The thinking is simple-hold the best companies for longer and, in time, sell shares in the fund-management business itself.

"Traditionally, funds, whether venture capital or private equity, have made money through carry and fees. Now, public markets have started looking at different types of companies, and peop...