Motilal Oswal hires private equity director

The Indian private equity firm has hired Rakesh Sony ahead of its second fundraise, which the firm anticipates will garner up to $350m in commitments.

Motilal Oswal Venture Capital Advisors, the private equity arm of Motilal Oswal Financial Services, has appointed Rakesh Sony as director of its private equity business.

Sony joins from financial services company Microsec Group, where he was co-founder and managing director. While there, Sony headed investment banking functions.

In his new role, Sony will report to Vishal Tulsyan, chief executive of Motilal Oswal Financial Services. Sony’s hire brings the investment team to 10 people.

In December 2007, Motilal Oswal Venture Capital Advisors held the close on its first fund, the India Business Excellence Fund, on $125 million. To date, the fund has made eight investments and invested close to 50 percent of its capital, said Tulsyan in an interview.

The firm will be launching a second fund in three to four months. The India Business Excellence Fund II is targeting between $250 million to $350 million, according to Tulsyan.

Fund II will provide growth capital to companies in diverse sectors and will invest between $10 million to $25 million per transaction. One-third of the fund will be invested in public markets.