Subramaniam has been globetrotting ever since his exit from Baring, to chalk out his next career move. The options explored included joining an existing PE firm, bringing a new PE firm in India or launching an entity on his own.
N Subbu Subramaniam, former Baring Private Equity Partners co-head who left the firm in August 2009, is set to launch his own private equity firm in India.
Subramaniam has been globetrotting ever since his exit from Baring, to chalk out his next career move. The options explored included joining an existing PE firm, bringing a new PE firm in India or launching an entity on his own.
Subramaniam, who was not available for comment, had told DNA a few weeks ago that the name of his investment entity has been finalised and regulatory approvals were awaited.
The new entity in most likelihood will be called M Cap Fund Advisors. Subramaniam is currently in the process of building a management team that will identify target companies for possible investments.
“The approach is to become an India focused growth capital provider. The dream is moving towards a (investment) theme and building of team. We want to create the Indian PE firm of choice across stakeholders,” Subramaniam’s post read on a professional networking site.
As for his PE fund, Subramaniam has been in discussion with potential investors (limited partners or LPs) in the US, Middle East and Asia Pacific region. While the final sum to be raised is yet to be arrived at, Subramaniam had earlier indicated that $250 million is minimum he will raise.
“And if the investment strategy included infrastructure and real estate, the size of the corpus would double to $500 million,” he had said.
Last month, Rajesh Khanna, the India head for PE major Warburg Pincus, quit the firm to set up his own investment business. Khanna joined the growing ranks of seasoned managers of leading global or bank-sponsored funds in India who have set up their own ventures.
Pulak Prasad, who along with Khanna, led Warburg’s India operations from 2002-2006, set up Nalanda Capital, which manages a $400 million fund with a mandate to invest in listed Indian companies. Ajay Relan, the former India head of Citigroup Venture Capital International, has set up his own fund CX Partners which achieved first close of $220 million.
Renuka Ramnath, former MD & CEO of ICICI Venture, formed Multiples last year and recently announced the first close of $250 million for her maiden PE fund with a total corpus of $450 million.
Harsha Raghavan, former Candover India head and Neeraj Bhargava, co-founder of WNS (Holdings) have teamed up to form Steer Capital.
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