B Capital taps Goldman Sachs talent for Asia push

It comes four months after the US and Singapore-headquartered VC firm formalized its China team headed by incoming general partner Daisy Cai, previously a partner at SoftBank Vision Fund and Gaocheng Capital. This coincided with a commitment to expand investment in India and Indonesia.

Patel (pictured) will be responsible for high-level investment strategy. She brings 30 years of experience in financial markets and investment.

“I have observed B Capital’s growth and progress for some time. They truly appreciate how technology is rapidly digitizing industries such as healthcare and financial services, and these are areas that I am particularly passionate about. Their global presence and deep sector expertise helps them find companies that are the future.” Patel said in a statement.

“The partnership with BCG [Boston Consulting Group] is really exciting as it brings two worlds together by connecting founders to industry experts to guide them through the pivotal points in their growth. Global connectivity is essential for growth, and I’m delighted to be joining a team that is truly international in their vision and commitment.”

B Capital’s BCG partnership is expected to be of particular interest in China, where the consultancy has been active for more than 30 years and currently has more than 400 professionals. Raj Ganguly, a co-founder of B Capital, told AVCJ earlier this year that BCG’s support in terms of portfolio value-add services has been part of the firm’s attraction to LPs.

A final close of $415 million was achieved in April for a late-stage follow-on fund for B Capital’s existing portfolio companies. The fund, known as Elevate, is part of a multi-stage investment strategy globally, supporting a second flagship fund, which closed at $820 million last year. It brings assets under management to $1.9 billion.

B Capital is best known for being set up by Facebook co-founder Eduardo Saverin and Ganguly, previously of Bain Capital and Velos Capital. Asia was always a significant part of the agenda, with a Singapore office having opened in tandem with bases in Silicon Valley and Los Angeles upon inception in 2015.

Standout investments in the region to date include PharmEasy, an Indian drugstore portal that has raised $675 million to date with plans to IPO this year, as well as Singapore-based auto marketplace Carro and logistics start-up Ninja Van. B Capital is also an investor in BlackBuck, an Indian trucking platform that raised $67 million earlier this week at a valuation of $1 billion.

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