Baring PE Asia MD Bala Naidu departs firm

A spokesperson at Baring confirmed the departure but declined to provide further details. Separately, Livemint has reported that Naidu plans to launch an alternative investment fund (AIF) based in Singapore within the next few months with a target of up to $100 million, along with a non-banking finance company (NBFC) that will also seek to raise $100 million. The AIF will focus on structured debt financing for Asian companies, while the NBFC will focus on consumer finance.

Naidu joined Baring in 2013 after seven years as managing director at Goldman Sachs, based in Singapore. While at Baring he headed the firm's India operations alongside Jimmy Mahtani. Significant India investments during his tenure include IT outsourcing firm Hexaware Technologies. Baring paid INR29 billion (then $411 million) in 2013 to acquire a 42% stake from the founders and General Atlantic and a further 20% stake through an open offer. The firm later raised its holding to 71% with the purchase of a stake held by ChrysCapital.

Baring is currently investing from its sixth pan-Asia fund, which closed last year at $4 billion. The vehicle primarily targets companies in Asia, along with European and North American companies with growth plans in Asia, across a wide range of sectors.

Naidu joins a short but growing list of former executives at prominent Indian PE firms who have spun-out, including Mahesh Parasuraman and Sunil Vasudevan, formerly of The Carlyle Group and India Value Fund Advisors respectively, whose firm Amicus Capital Partners recently reached a first close of $90 million on its debut fund.

In addition, Heramb Hejarnavis, who left KKR's India PE practice in 2014, established Sealink Capital, while Vishal Bakshi, formerly a managing director with Goldman Sachs formed Avatar Growth Capital Partners this year.

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Save this article  
• Send to  

• Topics
• South Asia
• People
• GPs
• India
• Baring Private Equity Asia