Baring India founding partner quits

Subbu Subramaniam has quit the India-focused private equity firm, reportedly due to differences with managing partner Rahul Bhasin.

Subbu Subramaniam, one of the founding partners of Baring Private Equity Partners India, has left the firm after 11 years. 

Baring India confirmed Subramaniam’s departure and declined to comment further.

According to Indian media reports, Subramaniam decided to quit Baring India over differences with Rahul Bhasin, managing partner of the firm. Bhasin and Subramaniam have a controlling stake in the fund management company, according to the Economic Times.

There were professional differences between the two owners, two anonymous executives at Baring India told the Economic Times. These differences soon turned into personal differences, the two sources told the Indian daily.

Bhasin is expected to buy out Subramaniam’s stake in the fund management company, but the settlement process is likely to be a prolonged one since the two founding partners could not reach an amicable settlement, the report noted.

Subramaniam has served on various boards including those of MphasiS, an IT solutions and business process outsourcing (BPO) services provider; Jyothy Laboratories Limited, which manufactures soaps, detergents and other home care products; SRA Systems Limited, a software development company; Secova eServices Limited, also a BPO company; and Auro Mira Energy Company, a clean energy company.

Prior to working at Baring India, Subramaniam was chief executive officer of First India Asset Management Company, a joint venture between First Leasing Company of India and UK’s Guinness Flight Global Asset Management, where he managed a listed equity fund dedicated to South India. Before that, he handled treasury services at Bank of America in Mumbai. He has also managed a currency fund floated by Abu Dhabi Commercial Bank.

Baring India currently manages assets of more than $1 billion across three India-focused funds. Baring India Private Equity Fund III closed on $550 million in 2008.

The firm makes significant minority or control investments in sectors such as IT and IT-enabled services, life sciences, banking and financial services, energy, infrastructure and consumer goods.

Baring India now has 14 investment professionals including five partners.