Former head of UK private equity firm 3i’s Asian operations Anil Ahuja has launched a $100m India-focused hedge fund.
Ahuja launched IPEplus Fund 1 in October with $10m of his own money and is now planning to raise $40m by June and reach the fund’s target before the end of the year, according to Bloomberg.
The report noted that returns from private equity investments in India are in decline and the number of unsuccessful exits has exceeded winning ones since 2006. Last year saw 55 unsuccessful exits, which is more than double the number of successful ones.
“There are a handful of people who have made money, but the Indian private-equity domain has not performed. The right tool kit for India has to be very different.” said Ahuja.
Ahuja was one of the earliest private equity investors in India and led 3i’s investment teams across Asia, working with the firm’s business heads in China, India and Singapore.
He previously worked at JP Morgan Partners Asia overseeing the investments in the Indian market, and at Citibank Mumbai between 1986 and 1997.
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