YES Bank's Ghosh to join Motilal Oswal PE as co-CEO - report
Somak Ghosh, Group President of Developing Banking at YES Bank, has reportedly left the company to join Motilal Oswal Private Equity Advisors, the private investment arm of Motilal Oswal Securities, as co-chief executive.
Ghosh will start his new role next month, reported Business Standard, citing sources close to the development. YES Bank has confirmed the departure.
At YES Bank, Ghosh headed the development and sustainable banking, inclusive and social banking, and government relationship management operations. He also took part in launching the GEF South Asia Clean Energy Fund, a $300 million vehicle which was jointly sponsored by YES Bank and Global Environment Fund.
Ghosh is expected to help Motilal Oswal roll out several sector-specific funds in the near future, the report added.
Established in 2006, Motilal Oswal closed its maiden venture capital fund - India Business Excellence Fund - at $125 million in December 2007. In April 2011, the firm launched its successor and reached a second close of INR4.86 billion ($87 million) in August this year.
The second fund will have a target size of $170 million and will invest between $10 million and $25 million per transaction. Squadron Capital Advisors has invested close to $20 million.
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