Former Carlyle, TPG executives plan $500m India fund
Rajeev Gupta, formerly of The Carlyle Group, and Amol Jain, previously of TPG Capital, are launching a new PE fund that will focus on mid-market buyout opportunities in India.
According to The Times of India, the pair are targeting $500 million for their maiden vehicle. The fund will invest in companies in sectors that might be going through restructuring or are spinning off assets.
The news comes at a time when investor sentiment towards India is improving following the May election of Narendra Modi, who is widely considered to be friendlier towards business and private equity than his predecessors.
The announcement also comes shortly after the Reserve Bank of India said PE funds and large non-bank financial companies (NBFCs) with proven expertise in resolution and recovery may be allowed to participate in auctions of stressed assets.
Gupta - who left Carlyle in 2011 - was involved in a number of large transactions in the country including an investment in mortgage lender HDFC. Amol Jain, meanwhile, spent more than eight years with TPG Capital where he was involved with the GP's acquisition of Vishal Retail.
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