Mohandas Pai to start $100 million private equity fund

TV Mohandas Pai, once a contender for the CEO’s post at Infosys, India’s second-largest software services firm, is planning to set up a private equity (PE) fund with a $100 million corpus.

Pai, who left Infosys in June, confirmed plans for the fund that will make mid-to-late-stage investments in technology and healthcare firms, but was reluctant to share too many details as he felt it was a little too early.

While people who track Infosys have argued that he left the company because he was not offered a chance to be the chief executive, Pai has always denied it, and maintained that he stepped aside to make way for a younger generation of leaders.

After leaving Infosys, Pai joined Manipal group of educational institutions as the chairman of Manipal Universal Learning (MUL).
It is with Ranjan Pai of the Pai family that owns Manipal Group, that Mohandas Pai is starting his PE fund, according to a person familiar with the plans.

Mohandas Pai is not related to the Manipal Group family.
The new fund is very close to finalising its first investment, according to sources. A professional has also been hired as chief executive, but is yet to formally join the organisation.

The Pai duo is not interested in external investors at this point and wants to play an active role in the companies that it invests in.