Miranda to yield IDFC PE CEO slot

And unlike other recent developments at top Indian private equity firms such as the departure of Renukah Ramnath and other key senior investment executives from ICICI Venture, or ChrysCapital’s sudden decision to return some $300 million to its LPs, this event seems both long-planned and a natural stage in the development of IDFC PE.

“This is the time to transition the leadership at IDFC PE. I’ve been here for eight years,” Miranda told AVCJ. “This is a time to move on. The team is in place: we’ve got a more mature business now.”

Once into his new role, Miranda will continue to support IDFC PE investment and portfolio company management, as well as relations with investors, in a counseling role as chairman, while relinquishing day-to-day managerial duties at IDFC PE. “I’m very much staying connected to IDFC PE. I set this up in 2002, and this is still a very important part of my life,” Miranda said his new responsibilities would still be “full-time.”

A partner at private equity industry peer ChrysCapital before he launched the initiative in 2002, Miranda was one of the founders of IDFC PE when it launched as a subsidiary of Indian infrastructure-focused financial group Infrastructure Development Finance Ltd. Previously, he worked at HDFC Bank, India’s leading private sector bank, as well as HSBC Markets, Citibank, KPMG and PricewaterhouseCoopers.

Dr. Rajiv Lall, MD & CEO of IDFC, said, “As part of a succession planning process, Luis Miranda will be stepping into the role of a non-executive Chairman of IDFC Private Equity.” IDFC confirmed that the group has a succession plan in place and is working with IDFC PE’s LPs, “to effect this change with minimal impact.” Miranda’s replacement as CEO has not yet been announced, and a search is understood to be ongoing. IDFC sources indicated that the six-month interim was viewed as ample time to find a new CEO.

Miranda was elected co-chairman of the Indian Venture Capital Association in February this year, and is also an Director of the Emerging Markets Private Equity Association (EMPEA).

Miranda stressed that the new leadership arrangements at IDFC PE will mean no change to the strategy of the firm, and that its core thesis remains intact. “The infrastructure story still remains me the biggest investment story in India,” he emphasized.

IDFC PE’s most recent deal was last week’s c.$100milion capital injection into GMR Energy Ltd by an IDFC-led consortium. 

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• Topics
• People
• South Asia
• Funds
• Infrastructure
• Luis Miranda
• IDFC Private Equity