TVS Capital Funds Ltd (TCF), a domestic private equity firm, has roped in Baring Private Equity Partners India’s Karthik Ranganathan and Ashmore Alchemy’s Rahul Deshpande as part of its investment team. While Ranganathan will be executive director, Deshpande will director in the investments team.
The firm also appointed S Mahalingam (former Tata Consultancy Services’ chief financial officer), Dileep Madgavkar (former CIO at ICICI Prudential) and Praveen Chakravarty (ex-CEO at Anand Rathi Financial Services) to its advisory eco-system.
The asset management firm has steadily been bolstering its investment team. It recently roped in Chakravarthi Lokapriya, who was senior fund manager and vice president at Franklin Templeton India, to lead its PIPE and pre-IPO investments.
The latest appointments come on back of the firm raising Rs 600 crore from domestic investors.
“We are delighted to have raised almost Rs 600 crore in the context of difficult economic scenarios and are overwhelmed by the confidence reposed in us by our investors. We are also very happy to welcome these highly experienced individuals with an excellent track record of performance. We believe they will help accelerate the process of investments in a disciplined and focused manner to generate superior returns for our investors,” said Gopal Srinivasan, chairman and MD, TCF.
Ranganathan, who was a partner at Baring India, has 17 years of experience in private equity and management consulting. Deshpande has 12 years of experience across investment and operational roles and joined TVS from Ashmore Alchemy where he spent five years as an associate director.
Both Mahalingam and Chakravarty will join the fund’s advisory board.
Chakravarty, who recently quit Anand Rathi, said he will focus on technology investments given his background in angel investing besides providing insights into public markets and exits. “Unlike other funds which are firing and downsising their workforce, TVS Capital has gone aggressive and built up the team. This is one of the best times to invest,” said Chakravarty.
Madgavkar, know for insights in investing in high quality mid-sized listed companies, will work on TCF’s investments in PIPE deals.
TVS Shriram Growth Fund (TSGF) is a Rs 1,100 crore domestic rupee fund managed by TCF which targets investments across consumer consumption and business services sectors, such as health care delivery, food & agri, retail, education, hospitality, FMCG, restaurants, facilities management, institutional catering and security services.
TCF had raised around Rs 600 crore in Scheme 1A during 2008-2009 and has recently raised Rs 585 crore in Scheme 1B. A Top-up Scheme 1B was raised primarily from ultra HNIs/family offices, financial institutions and will continue to focus on consumer driven opportunities.
(Edited by Joby Puthuparampil Johnson)