New Delhi, Oct. 30 -- Mumbai-based diversified financial services entity Equirus Group, which recently merged with Sapient Finserv Group, has partnered with former chief of Oman India Joint Investment Fund (OIJIF) Srinath Srinivasan to launch a private equity (PE) fund.
The late-stage PE fund, which will focus on mid-market growth investments, will have a target corpus of Rs 1500 crore (nearly $170 million), Equirus said. It will deploy the capital across digitally led, AI savvy, high growth consumer, financial services, industrial and healthcare sector companies.
The fund will take significant minority stakes in its portfolio companies.
Srinivasan will join the Board of Equirus Wealth and spearhead Equirus Alternatives, which will identify high-growth, mid-market opportunities, building scalable investment platforms.
"We are delighted to welcome Srinath to the Equirus family. His proven track record across multiple business cycles in identifying and scaling mid-market growth companies, coupled with his ability to deliver consistent value for investors, aligns perfectly with our vision," said Ajit Deshmukh, managing director, Equirus Group.
"His leadership will be instrumental in launching and scaling our late stage private equity fund and will also bring immense strategic depth to the Equirus Wealth board," he added.
Srinivasan, brings over 35 years of experience, joins Equirus Group after a 14-plus year run as the Chief Executive Officer of Oman India Joint Investment Fund (OIJIF), where he managed two alternative investment funds aggregating approximately $330 million. During his time, OIJIF made 19 investments across two funds, including Divgi Torque Transfer Systems, Stanley Lifestyle, Senco Gold Ltd, Prince Pipes, Capital Small Finance Bank, and HomeLane, among others. OIJIF also scored 17 full or partial exits, under his leadership.
"I am excited to partner with Equirus," said Srinivasan. "The Group's integrated presence across investment banking, institutional equities, wealth and asset management, NBFC, and insurance solutions provides a strong platform to deliver differentiated value to high-growth Indian businesses. I look forward to building a private equity fund that backs visionary entrepreneurs and delivers sustainable value for investors."
Equirus Group, which has Rs 35,000 crore of assets under management, specializes in investment banking, institutional securities, wealth and asset management, HNI broking, NBFC, and insurance solutions. The company has acquired two other companies in the last few months-broking firm Raghnall Insurance Broking, and Credence Family Office.
Following its merger with Sapient, the combined entity will operate under two specialized verticals: Equirus Wealth and Equirus Family Office. Apart from wealth management, Equirus operates an institutional broking business under subsidiary Equirus Securities, and an insurance broking business. Its holding company Equirus Capital houses the investment banking businesses.
Published by HT Digital Content Services with permission from VC Circle.