Build a coverage plan for a private equity sponsor: which of its holdings are likely exits in the next 18 months, what fee pool that implies, and where the buy-side opportunities are.

Three holdings are likely exits within 18 months: Sarvodh Pipes and Nilambar Diagnostics at six years and Keshvi Dairy at five, with EBITDA up 70%, 25% and 88% since entry, Rs 3,610 crore of enterprise value and a sell-side fee pool of about Rs 36 crore at 1%. Orvan Packaging is past the clock with no growth to sell and needs a refinancing or a recap, not a sale. The Rs 2,500 crore of dry powder points to add-on acquisitions for Tanvik, Lumvira and Brishtan, and the exits themselves need the bank's financing desk for the buyers.

A landlord with a five-year lease knows roughly when the flat comes back; a tenant in year six is already looking. A private equity fund has a life, typically ten years with about five to invest, and a sponsor sells a company when the hold has run its course and the value plan has been delivered, so the entry year and the EBITDA growth since entry tell you which companies come to market and when. Rudrav's 2020 fund is in its seventh year: its investment period is ending, its investors are waiting for distributions, and it will want realised returns to show before it raises the next fund. That is why the coverage plan is a calendar before it is a pitch book.

Sort by hold length first, then ask whether there is a story to sell. Sarvodh Pipes (six years, EBITDA 100 to 170) and Keshvi Dairy (five years, 80 to 150) are the clean exits: the plan is delivered, the fund wants the cash, and a buyer can see the growth. Nilambar Diagnostics at six years with only 25% growth is an exit for a different reason: the fund cannot hold it much longer, so it will sell to a strategic buyer who values the network rather than the growth. Orvan Packaging is the trap: five years held, EBITDA up 8%, bought at 7x. Rudrav will not want to crystallise a flat return, so the realistic mandates there are a refinancing to extend the hold or a continuation vehicle, not a sale. Tanvik at four years and 56% growth is the next wave, 18 to 30 months out; the three younger holdings are buyers, not sellers.

Size the money before you pitch. At 1% of enterprise value the three likely exits imply about Rs 36 crore of sell-side fees, split across whichever banks win them, and the bank that is already advising Rudrav on one usually has the inside track on the next. The 1% is a working assumption for mid-sized deals; actual fees scale down with size and up with complexity, so state it as a framework. The buy-side work follows the dry powder: Rs 2,500 crore undrawn from a fund at the end of its investment period must be deployed, and the fastest route is add-on acquisitionsSmaller companies bought by a portfolio company the sponsor already owns, to grow it before exit; they are funded from undrawn fund capital and debt raised by the platform. for Tanvik, Lumvira and Brishtan, each of which has three or more years left to integrate them. The financing work is twofold: staple financing for the buyers of Sarvodh and Keshvi, and a refinancing or dividend recapitalisation for Orvan to give Rudrav time.

Close with the sequence a first-year associate can actually run. First, confirm the fund's investment period end date and any extension from Rudrav's own disclosures. Second, prepare a one-page sale readiness note for Sarvodh and Keshvi now, because sponsors pick advisers six months before launch. Third, bring Tanvik two add-on targets within the quarter, because that is a conversation Rudrav will take from any bank. The limit: the five-year hold is an average, not a rule; a sponsor with a strong fund and patient investors will hold a compounding asset like Keshvi longer, and a weak market can push every exit out a year.