MCap sets target of up to $300m for maiden fund

The firm started by ex-Baring PE Partners India partner Subbu Subramaniam is in the market and close to securing an anchor commitment.

MCap Fund Advisors, the private equity firm founded by former Baring Private Equity Partners India co-founder Subbu Subramaniam, is fundraising for its maiden fund targeting commitments of between $250 million and $300 million, a source close to the firm told PEI Asia.

S.Subramaniam: In market for  $300m debut fund

The fund is also in final stage discussions to secure an anchor commitment of $50 million from an undisclosed Middle Eastern LP, the source added.

New Delhi-based MCap will target growth investments in India’s financial services, green energy and retail services sectors. Since founding the firm earlier this year, Subramaniam has recruited Rahul Gupta and Abhilash Lal as partners.

Prior to his time at Barings, Subramaniam worked with global financial institutions including Bank of America and the Abu Dhabi Commercial Bank. As well as being a member of the team that established Baring Private Equity in India, he is also a founding chairman of the Venture Capital Association of India. 

Gupta has over 27 years of experience in the Asian finance industry, with previous positions including stints at Citibank and Bank of America in Hong Kong. India and Singapore. His most recent role was a chief risk officer at Citibank Inda for corporate, investment, comsumer and private banking.

Lal has spent 21 years in the financial services, consulting, outsourcing and real estate industries, with roles at HSBC, AT Kearney, Genpact and DTZ behind him. Directly prior to joining MCap he was a director in the Delhi office of DTZ.

Subramaniam quit Baring India in August 2009, reportedly over differences with Rahul Bhasin, managing partner of the firm. His departure was followed by that of Akhil Awasthi, another partner and founding member, who left Baring to join Tata Capital as the head of private. Baring has also seen the departures of executives Akash Mundra and Vikram Beniwal since then.