BII names new India head

The appointment is part of a broader Asian expansion that will see regional head Srini Nagarajan shift his focus from India to Southeast Asia. There are plans to open a Singapore office later this year.

Bansal (pictured) has previously worked as a private equity investor and investment banker in infrastructure, healthcare, and technology. Most recently, he was CEO of Neev Funds, which is backed by the UK government. Previously, he worked for KPMG and PwC, leading initiatives for corporate advisory, cross-border M&A, and policy advisory to governments including India.

Bansal is mandated to invest up to USD 3bn in India over the next five years, with as much as USD 1bn going into climate-related deals. He will lead a 40-strong team, reporting to Nagarajan.

BII has about USD 7.1bn in assets under management, of which USD 1.8bn is in India, making it by far the largest country allocation. India will remain the core geography amid the broader regional expansion.

Key investments in the country include Ayana Renewable Power, grocery delivery app BigBasket, and logistics provider Ecom Express. Recent exits include Rainbow Hospitals, one of BII’s first direct private equity deals in 2013, which went public in April with the institutional allocation 39x oversubscribed.

Fund commitments in the country include Elevation Capital, 3one4 Capital, and Chiratae Ventures. Cheque sizes for funds vary from as low as USD 10m to as much as USD 100m.

“Private equity fund managers in India have come a long way, especially in terms of sector expertise,” Nagarajan told AVCJ earlier this year.

“I think they understood that by narrowing down to fewer sectors rather than being too generalist, they were able to focus on portfolio management, add value to investee companies, and manage cycles better.”

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