New York-based PE firm Zephyr Peacock, which has around $1 billion under management globally, has invested in Miles Software, an IT company providing solutions to the financial services sector. The details of the investment were not known. Zephyr’s India MD Mukul Gulati said the private equity firm was bullish on financial services and education in India.
Unlike majority of overseas funds that are technology-focussed, Zephyr’s areas of interest in the country are financial services and education. “Our investment in Miles is primarily a financial services investment with a technology component. We don’t view it as an IT investment,” added Mr Gulati. Miles is a Mumbai-based products firm with solutions in wealth management and related areas.