U.S. Hedge Fund Invests In Indian Private Equity Firm

Aug 25 2008 | 10:43am ET

(Source: VC Circle) -- A former managing director of Citigroup Venture Capital International in India has reportedly snagged U.S.-based hedge fund Morgan Creek Capital as an anchor investor in his soon-to-be floated private equity fund. 

Morgan Creek is said to be investing $100 million in Ajay Relan’s fund, independent sources told VC Circle.

Sources also said Relan has landed Amit Bhatiani, a senior New York-based hedge fund manager, as a partner in his fund. Relan, in an interview with VC Circle, confirmed the appointment of a senior partner, however, he declined to divulge the partner’s name or the anchor investor in the fund. Bhatiani has been a partner at Duma Capital, a New York-based hedge fund, and prior to that he was a portfolio manager at the Clinton Group.

Relan told VC Circle: “We are getting a partner from New York who has experience in investing in public markets. I have known him for the last 10 years. It’s important to have fresh blood in the company.”

Relan recently quit CVCI after about 13 years of service to start his own fund. He is joined by another CVCI hand, Jayanta Basu, who will also be a partner. Relan said there will be three partners, one principal and two analysts.

Relan also said that he is looking at a fund size of $750 million to $1 billion, and the fund raising will be complete in four to six months. “There is a very strong interest from limited partners,” he said. He also said that he has already gotten commitments worth $100 million to $200 million.

Fifty-four-year-old Relan said he is looking forward to investing in companies personally along with the fund. He is believed to have netted up to $40 million in carried interest from CVCI. Relan also has plans to launch a subsidiary company, which will help the portfolio companies of the fund to manage the growth and operations.

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