Ptarmigan Capital , the alternative asset management firm launched earlier this year, has expanded its staff as it prepares to launch its first fund in India's booming real estate sector.
Arvind Bajaj has been hired as principal for the company. Among his responsibilities will be global real estate products, in particular the residential and commercial real estate sector in southern India. Some estimates have projected India's property sector will be worth $90bn (€63bn) by 2015, up from $12bn in 2005.
Ptarmigan was set up by former Morgan Stanley global head of securitization, Craig Phillips, who also serves as the chairman and chief executive of the new firm. It makes private equity real estate investments in India and the US.
Its first launch, with a target of $300m, will focus on real estate investments in India. Phillips worked at Morgan Stanley for a little over 11 years before starting the firm.
Bajaj, who has 20 years of experience growing real estate finance businesses, previously worked for Credit Suisse. He joined as a managing director and head of European commercial mortgage backed securities distribution.
In 2005, he was promoted to the head of both CMBS Origination and Distribution. Most recently, Bajaj was named head of Middle East Real Estate. Additionally Bajaj worked for Morgan Stanley for 10 years in senior level commercial real estate finance positions based in London and New York.
RVS Rao, former executive director and board member of Indian mortgage lender Housing Development Finance Corporation, joined Ptarmigan Capital earlier this year as chairman of its Indian business. The company has offices in Bangalore, India and Stamford, Connecticut.
Source : Financial News