CX Partners' Ajay Relan to step back
Ajay Relan, co-founder of India-focused private equity firm CX Partners, is taking a step back with Jayanta Basu assuming responsibility for daily operations as managing partner.
The move was reported by several local media outlets. A source in the LP community, confirming the news to AVCJ, noted that CX is currently looking to raise $300 million for its second fund. The firm closed its debut fund at approximately $515 million in 2010.
Relan has spent 20 years in the industry, having previously served as head of India at CVCI. He will hold the role of executive chairman of CX and continue to participate in partner meetings and on the boards of portfolio companies. The transition to Basu has been underway for some time.
"I don't want to hold up a position for so many years when there is enough talent in the firm. I have to run around for meetings to Mumbai and Hyderabad. I don't think at 62 I want to do that," Relan told VCCircle.
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