Former IDFC Private Equity chief Luis Miranda has joined Global Environment Fund (GEF) as a Senior Advisor. Miranda will be based in Mumbai, “where he will contribute to GEF’s private equity investments in India and South Asia,” the investment firm stated.
GEF, which manages approximately $1 billion globally, is raising a $200 million fund focused on clean energy in South Asia. GEF’s South Asia Clean Energy Fund, L.P. has raised $85.3 million and targeting $200 million, according to the latest filing with the US regulator SEC. The amount has been raised from 11 investors, according to a disclosure last month.
GEF has an office in Mumbai, led by its managing director Raj Pai. The private equity firm’s current investments include London-listed Greenko Group plc (which owns and operates clean energy assets) and Hyderabad-based Saisudhir Infrastructures (EPC player focused on sectors like water supply, irrigation, solid waste management and sanitation).
Miranda is the founder of the private equity group of Infrastructure Development Finance Company Ltd (IDFC), one of India’s largest infrastructure finance companies. He served as the president and CEO of IDFC Private Equity from 2002-2010 and as chairman until 2011. Under him, the firm went on to raise three infrastructure-focused funds, aggregating to over $1.3 billion.
Prior to IDFC, Miranda held various roles in finance and trading for ChrysCapital, HSBC, Citibank, KPMG and Price Waterhouse. He was also a member of the founding team of HDFC Bank, which is currently India’s largest private sector bank by market capitalisation.
Miranda holds an MBA from the Booth School of Business, University of Chicago, where he currently co-chairs the global advisory board. He is also a member of the Institute of Chartered Accountants of India (ICAI). He has been recently appointed as the chairman of the board of advisors of Centre for Civil Society.
During his tenure, IDFC PE invested in Moser Baer Photo Voltaic Ltd, Emergent Ventures India and Green Infra Ltd as part of its clean energy portfolio.