Could you share an example of a time when you came up with an innovation that improved how your legal team works and did not come at a large expense?  

EverSource Capital is the investment manager for the Green Growth Equity Fund, which is a first of its kind Indian climate impact investment fund investing across sectors such as renewable energy, waste and water management, Bio CNG, e-mobility for B2G and B2C mobility solutions and allied infrastructure, decarbonisation of energy (energy efficiency, energy storage), and associated value chains including climate finance.  

The investment model followed by EverSource has largely been to incubate most of these business as majority owned portfolio companies, rather than minority or strategic investments (as typically followed private equity funds). This has come with multiple challenges, such as the changing regulatory landscape, and balancing investments and growth with governance, ESG and compliance processes and standards across such diverse sectors. 

One of the key challenges that we are solving is the identification and development of a risk matrix across each of the portfolio companies by (i) streamlining and implementation of base-line structures for risk identification and review, through governance models, reporting requirements, compliance policies and processes, across all portfolios, and (ii) sector-specific risk assessment for each portfolio company, drawing up and implementing customised polices, tools and blue books to tackle specific sectoral risks. 

I do believe that the role of an in-house counsel is not limited to just the legal function, but an ever-evolving strategic role which interacts with the different functions of an organisation to pre-empt and mitigate potential risks.  

The implementation of such projects cost, both in terms of time and money, and require buy-in across multiple functions of the fund manager, the management of portfolio companies, and involvement of third-party experts such as lawyers and business consultants. However, the benefits of implementing strong governance and risk management structures from the ground up, far outweigh the initial implementation costs.  

If you had to give advice to an aspiring in-house lawyer or general counsel, what would it be and why?  

Two key words have served me well – “knowledge” and “network.”  Read constantly, develop the habit of staying on top of case law, legal and regulatory developments, articles, and transaction updates, among others, ideally dedicating an hour or two each day to just read. Knowledgeable in-house counsel are far better equipped and empowered to act as an effective bridge between the needs of the business and the law. 

Secondly, build strong relationships both within the organisation and external. Be interested in what the other business functions (investment team, finance, ESG, operations, management of downstream companies) are doing and the challenges they face. Working with them and learning from them are essential for building trust, anticipating risks, and finding effective solutions. 

Develop strong, genuine connections with law firms, counsel, law school alumni, general counsel, and management teams of other companies in the sector and allied sectors; these connections help broaden your knowledge, can be effectively tapped for advice, and often helps in closing projects effectively.