CX Partners, the private equity firm floated by former head of Citigroup Venture Capital Ajay Relan, has invested an undisclosed sum in Convexity Solutions, reports Business Week. Convexity Solutions is a venture launched by former Reliance Money honcho Sudip Bandyopadhyay.
This is the second investment of CX Partners in the last one week. It made its first investment of Rs 150 crore in steel company Monnet Ispat for 8% stake in the company last week. CX Partners is a $500-million buyout fund launched in August 2008.
Bandyopadhyay has quit Reliance Money very recently. Convexity Solutions will offer equity broking and portfolio advisory services on derivatives to the institutional, corporate and retail segments.
CX Partners raised funds from Goldman Sachs Group Inc and JPMorgan Chase & Co. Relan has two other partners in the fund – former CVCI colleague Jayanta Basu and Amit Bhatiani, who was with New York-based hedge fund Duma Capital.
Other individuals who have been funded by VCs earlier include Jagdish Khattar, former MD of Maruti Suzuki India who floated Carnation Auto in 2008. George Zacharias of ex-Yahoo (backed by Sequoia), and Rashmi Barbhaiya of ex-Ranbaxy (backed by Tata Group) are some others in this category.