Aureos Capital, an emerging markets private equity fund manager focused on the SME space, has appointed Meleveetil Damodaran, former chairman of the Indian Securities and Exchange Board (SEBI), as a Senior Adviser to its forthcoming India fund, according to a company statement.

Damodaran had also worked as a joint secretary (banking division) in the Ministry of Finance during the 1990s. In 2001, he was appointed head of the Industrial Development Bank of India (IDBI), a position he had held simultaneously along with his role as chairman of the Unit Trust of India (UTI) Asset Management Company Ltd.

After quitting SEBI, Damodaran had been the non-executive director of companies like ING Vysya Bank, Hero MotoCorp Ltd (formerly Hero Honda Motors), Tech Mahindra and Mahindra Satyam.

“I am delighted to be a Senior Adviser of Aureos, especially at a time when the new India fund is being launched. The fund’s focus on small and medium-sized cities and sectors that generally do not interest mainstream investors is particularly exciting,” said Damodaran.

“We are looking forward to working with Damodaran on our new India fund. His wealth of experience and knowledge, particularly of India’s investment and finance sectors, will be a real asset to the fund,” Balaji Srinivas, Managing Partner of Aureos India Advisers Pvt Ltd, commented on this appointment.

Incorporated in 2001, Aureos has $1.3 billion funds under management and extended its footprint to more than 50 emerging markets in Asia, Africa and Latin America by establishing 17 regional private equity funds. Its funds are managed through a network of 28 offices worldwide, by a team of over 90 investment professionals.

Aureos has recently announced that it plans to raise $200 million or Rs 900 crore through its new India fund. The Aureos India Fund II will focus on investments in companies across emerging sectors and target tier II and tier III cities, which remain below the radar of mainstream international investors.

Aureos India Fund II can also invest up to 15 per cent in Sri Lanka and Bangladesh, Srinivas has stated earlier.

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