Let $V$ be a monoidal category and $C$ a $V$-enriched category with pullbacks in the enriched sense. Then for any morphism $f:x\to y$ in (the underlying ordinary category of) $C$, there is a pullback $V$-functor $f^*:C/y \to C/x$ between the enriched slice categories, and each enriched slice category $C/x$ has $V$-enriched products. We say $C$ is $V$-locally-cartesian-closed if the following equivalent conditions hold:

Each $V$-functor $f^*$ has a right $V$-adjoint $f_*$.

The converse is true in some cases, such as the following:

When $V=Set$, trivially.

More generally, whenever the underlying-set functor $V(I,-) : V\to Set$ is conservative.

When $V$ is locally cartesian closed and cartesian monoidal and $C=V$.

However, the converse is false in general. Counterexamples can be found in this mathoverflow discussion (the discussion is only about cartesian closed enriched categories, but the counterexamples given are in fact locally cartesian closed, being indeed presheaf categories).