T.V. Mohandas Pai, former human resources director at Infosys Ltd, and Manipal Education and Medical Group chief executive Ranjan Pai have founded a $100 million private equity fund that’ll make its first investment in 4-6 months.
The fund will focus on mid-stage healthcare, health services and technology firms, Ranjan Pai said. “The idea is to invest in unlisted mid-stage companies, though eventually we will look at listed entities also,” he said in a telephone interview on Tuesday.
Mohandas Pai, chairman of Manipal Universal Learning, told Businessworld magazine in a 6 August interview published online that he and Ranjan Pai want to provide more than just money to start-ups.
Ranjan Pai said several fast-growing firms that needed both mentoring and funding had approached Mohandas Pai to join their boards after he quit Infosys in June. “So, we thought why not join them and become a part of their success story,” he said.
Mohandas Pai was not available for comment. He forwarded enquiries to Ranjan Pai.
Money for the fund will be raised through internal funding from Ranjan and Mohandas Pai, who are not related, as well as from friends and family, Ranjan Pai said.
Industry experts in India are increasingly entering the private equity asset class. Paras Pharmaceuticals Ltd founder Girish Patel started investment fund Access India Advantage after Reckitt Benckiser took over his businesses. After selling Patni Computer to iGate Corp., promoter Gajendra Patni and his two sons set up Nirvana Venture Capital. Former managing director at Microsoft India Rajan Anandan, now managing director of Google India, is an angel investor. Post the acquisition of Daksh by International Business Machines Corp., its chief executive and founder Sanjeev Aggarwal became a venture capital investor and co-founded Helion Venture Partners.
Source: Livemint