<article>Baring Private Equity Asia managing director Lakshmiah Balachandra Naidu has quit the buyout firm to set up his own private equity (PE) fund, two persons aware of the development said.</article>

Baring Private Equity Asia managing director Lakshmiah Balachandra Naidu has quit the buyout firm to set up his own private equity (PE) fund, two persons aware of the development said.
Naidu, known as Bala Naidu in PE circles, joined Baring PE Asia in 2013, and was heading its India operations along with Jimmy Mahtani, also a managing director at the PE firm.
Naidu put in his papers in the second week of November, the first of the two persons cited above said on condition of anonymity.
Baring PE Asia is one of the largest Asia-focused alternative asset management firms with $10 billion worth assets under management (AUMs).
When contacted, Naidu confirmed his exit and plans to start a PE fund, but refused to disclose details. An email sent to Baring Asia on Monday on his exit remained unanswered.
Naidu will launch an Alternative Investment Fund (AIF) to be based in Singapore in a couple of months, with a focus on structured debt financing in Asian companies—50% of which will be allocated to Indian firms, said the first person. According to him, this offshore fund could be about $100 million in size.
Besides the PE fund, Naidu has plans to launch a non-banking financial company (NBFC) with a focus on consumer finance, said the second person.
Naidu plans to raise another $100 million for the NBFC, the second person said on condition of anonymity.
During Naidu’s tenure, Baring PE Asia made a couple of large transactions in India. In 2015, it acquired CMS Info Systems, India’s largest cash management company, from US-based Blackstone Group LP and the Grover family for about Rs2,000 crore ($300 million).
In August 2013, Baring PE Asia acquired a 41% stake in Hexaware Technologies Ltd from founder chairman Atul Nishar and US-based PE firm General Atlantic Global Investments Ltd for $465 million (about Rs3,000 crore) in one of the largest transactions in the information technology (IT) sector. Baring subsequently increased its stake to 71% through an open offer and by buying out minority investors.
Before joining Baring, Naidu was head of India and co-head of Southeast Asia for the Asian Special Situations Group with Goldman Sachs during 2006-13. He has also worked at Rabo India Securities, ICRA and ICICI Bank Ltd. An Indian Institute of Management-Kolkata graduate, he started his career with Marico Industries Ltd.
Baring PE Asia has been actively looking for buyout opportunities in India and engaged in talks for acquiring assets such as ICICI Home Finance Co. Ltd and GE Capital Corp’s stake in a credit card joint venture with State Bank of India (SBI). It has over 35 portfolio companies across Asia.
A handful of top executives from global PE funds have launched their own domestic funds in the recent past.
Carlyle India managing director Mahesh Parasuraman quit the US fund and started Amicus Capital Partners, a $200-million growth capital PE fund, along with Sunil Theckath Vasudevan, former partner of India Value Fund Advisors. The fund has raised about $90 million (Rs600 crore) in its first close.
Other seniors who joined the fundraising bandwagon include Manish Kejriwal, former India head of Temasek Holdings Pte Ltd, who raised $540 million in 2013 through his fund &#8211; Kedaara Capital Advisors Ltd, Heramb R. Hajarnavis, who quit as director at KKR &amp; Co. LP in India in 2014, set up his own private equity firm -SeaLink Capital Partners.
<h4 style="text-align: justify;">This article was first published on <a href="http://www.livemint.com/Companies/bNiIWryz5vtfrRYn2dl1uL/Baring-PE-Asia-MD-Bala-Naidu-quits-to-launch-own-fund.html">Livemint.com</a></h4>

Baring Private Equity Asia managing director Lakshmiah Balachandra Naidu has quit the buyout firm to set up his own private equity (PE) fund,

Baring PE Asia MD Bala Naidu quits, to launch own fund

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Baring PE Asia MD Bala Naidu quits, to launch own fund

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