A new Indian private equity fund is being set up by the former head of one of the country’s biggest funds, ICICI Venture. Renuka Ramnath, who recently quit ICICI Venture, is collaborating with Sudhir Variyar, a former colleague at the fund, according to reports.
The vehicle will be general purpose and will not focus on any particular sector.
The fund is not yet registered, but reportedly has incoming anchor investments from domestic institutions.
Ramnath quit ICICI Venture in April and was replaced by Vishakha Mulye, the executive director of ICICI Lombard General Insurance Company.
Sudhir Variyar was a senior director with ICICI Venture before joining Ramnath for the new fund.
Other Indian private equity firms such as ICICI Venture, Blue River Capital, Aditya Birla PE, Avigo Capital, Zephyr Peacock and Tano Capital are also in the fundraising process.
D.C.