I’m working on tour again after a full six months and it’s a good feeling. And I’m back in Delhi, which is not so nice. Agenda: catch up with the private equity shops based here. There are quite a few heavyweight ones — ChrysCapital, Citigroup Venture Capital, Henderson Equity Partners, Actis, Providence Equity Partners, DE Shaw (that’s a hedge fund doing private equity here) and Baring Private Equity India. A couple of venture capital outfits also invest out of the city, Gurgaon to be accurate — Canaan Partners and one arm of Helion Venture Partners.
For me, the Oberoi, some 15 minutes from Connaught Place, symbolizes private equity in Delhi. ChrysCapital, the country’s largest firm, by funds under management, works out of the hotel. Right next to it is Henderson is an older occupant. When you step out of the elevator into the corridor outside their offices, the character of the place hits you immediately — plush, discreet and very very RICH. The very distinct character continues into ChrysCapital’s offices, double doors right end of the corridor.
My favourite private equity firm in Delhi, however, is Actis. It used to be headquartered in the city, until recently — their office is near the golf course. I’ve never been there but the firm’s former India chief, Donald Peck, has always been great to talk to. Peck has moved on to a larger, regional role and JM Trivedi, who works out of Mumbai, now leads the firm’s India investments.
Tomorrow I’m off to Gurgaon to catch up with Sanjeev Aggarwal at Helion and Alok Mittal at Canaan. I’m also hoping to drop into one or two of the many malls there — they don’t make shopping malls like that anywhere else.