Mumbai, April 22 -- Padmanabh "Paddy" Sinha, a former top executive at the state-run National Investment and Infrastructure Fund Ltd (NIIF), is launching a new approximately $250 million private equity (PE) fund.

The fund, a general partnership under the name LaunchBay Capital, will focus on $25-50 million investments in growth-stage companies, which, according to Sinha, is an underserved segment.

"Most global funds, as well as large Indian PE funds, are now more buyout-focused," Sinha said, adding: "Fifteen years ago, India used to be a largely minority stake-growth investing market with very less buyout deals. It is now the other way around."

"In the $25-50 million investment range, there is a gap," he said, categorising it as the "m...