Miranda to step down as IDFC PE CEO
Luis Miranda, incumbent president and CEO of the $1.3 billion Indian infrastructure-focused private equity firm IDFC Private Equity, is to step down to assume a role as non-executive chairman from November, according to a statement from parent group IDFC.
In 2002, Miranda was one of the founders of IDFC PE, a subsidiary of Indian infrastructure-focused financial group Infrastructure Development Finance Ltd. He will continue to support IDFC PE investment and portfolio company management in a counseling role as chairman, while relinquishing day-to-day managerial duties at IDFC PE. 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.” Miranda told AVCJ, "this is a time to move on. The team is in place, we’ve got a more mature business now," and emphasized that he would remain involved in the firm.
A partner at private equity industry peer ChrysCapital prior to joining the launch of IDFC PE in 2002, Miranda was recently elected co-chairman of the Indian Venture Capital Association in February this year Miranda's replacement as CEO has not yet been announced.
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