Former Actis partner in latest India fund spinout
Subba Rao Telidevara, formerly a partner at Actis, has launched an independent fund worth $250 million targeting buyouts, PIPE deals and growth capital investments. The fund, known as LotusPool Capital, is expected to make its first close in 8-12 months, although it has yet to receive any commitments from LPs, Livemint reported.
Telidevara joined Actis in 1996 and led investments in the likes of Daksh, Tavant, Sandhar Technologies and Nilgiris. Prior to that, he spent seven years with ICICI Ventures and ITC Group.
"Now, more and more fund managers are becoming independent, breaking away from their affiliates, like banks. The market is opening to people with track records. More independent managers are attracting funds in China and Turkey," he said.
India spinouts in the last couple of years include Rajesh Khanna, who left his role as managing director and country head at Warburg Pincus India last year to set up Arka Capital. Subbu Subramaniam, formerly of Baring Private Equity, has launched MCap Fund Advisors, while Ajay Relan departed Citigroup Venture Capital International (CVCI) to form CX Partners, closing his debut fund at $515 million. Another CVCI alumnus, P.R. Srinivasan, who was the firm's managing director and India region head, has started Exponentia Capital.
Former managers at ICICI Ventures are responsible for a steady stream of new funds. Renuka Ramnath, ex-managing director and CEO, has started Multiples Alternate Asset Management, while Jayanta Banerjee, Anand Vyas and Sunay Mathure founded Pravi Capital.
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