Tata Capital, which recently entered the private equity business, has hired Harshawardhan Sabale as co-head of Tata Capital Private Equity Growth Fund.
Sabale joins Tata capital from Lauris Capital, Natixis Private Equity’s Indian team focused on small buyouts. Prior to that, he worked in Hong Kong at Navis Capital, a pan-Asian buyout firm.
Sabale will lead the fund with Pramod Ahuja, both of whom report to Shailendra Bhandari, a former chief executive and managing director of Centurion Bank of Punjab, who joined Tata Capital as the head of its private equity business in August.
The Tata Capital Private Equity Growth Fund is focused on Indian middle-market opportunities, according to Bhandari.
In July this year, when the firm first disclosed its plans to raise capital from third party investors, it said that it was looking to establish a private equity business “through a composite mix of sector agnostic and sectorally aligned funds”. It is reportedly looking at raising a sereies of funds, each expected to be between $200 million and $300 million, to focus on deals in sectors including technology and healthcare.
The firm has only made direct private equity investments so far. It focuses on growth capital deals, though it does selectively make late-state venture and buyout investments.
Other Indian conglomerates such as the Aditya Birla Group and Reliance- ADAG are also in the process of launching private equity funds and have already started building their teams. It has also been reported in local media outlets that Indian telecom major Bharti may be establishing an India-focused private equity fund in partnership with French insurer AXA.