Former partner at Baring Private Equity Partners India N. ‘Subbu’ Subramaniam says, he is still busy giving shape to his next innings. Among the various options that he is evaluating are raising a fund himself, joining an international PE, roping in a partner or scouting for an anchor investor.
It has been a little over two months since Subramaniam exited Baring PE, after a 12-year stint. The exit, many sources say, was not an amicable one.
A recent report in the Business Standard said, Subbu was raising a $250-fund and had already found an anchor investor. Denying the information, Subbu told VCCircle, the fund-raising process, if any, will form a part of the new job whether I get a partner, join a new fund or raise the fund myself.
“I am meeting up with a lot of people. All of these are data points for me and not decision points,” Subramaniam told VCCircle.
Subramanaim, who is just back from the US after meeting up with investors, says, the strategy will decide the fund. He, however, added that if he indeed was part of raising a fund, which has an infrastructure component attached to it, he would look at a corpus of $500 million. Else, he would look at a $250-million fund.
Subbu said, he has met with three to four potential partners. Besides, he is also in talks with a private equity firm to join their senior management team.
Commenting on the fund-raising environment, Subbu said, it remains challenging. The institutional investors are on the sidelines and China is more attractive as a destination to put capital into. "They (institutional investors) have seen more exits in China,” he adds.