A new Rs 450-crore private equity fund will be jointly floated by Dr Ranjan Pai, CEO and scion of the Manipal Education & Medical Group, and Mr T.V. Mohandas Pai. The latter was until recently a Director on the Infosys board and its Human Resources Head.
“It's a $100-million fund, focusing on pharma, health sciences and technology or Internet-based companies - but not hospital or technology services,” Dr Ranjan Pai, who is currently in Malaysia, confirmed.
The fund would actively invest in three or four companies with whom it was talking. It was in an early stage and the identified companies were yet to complete due diligence. He said that they saw much growth in the life sciences and Web enterprises.
“It may take four to six months to get active. Mohan and I were encouraged after talking to a few entrepreneurs. It does not have a name yet, it's still work in progress,” he told
The two Pais are not related. After exiting Infosys in July, Mr Mohandas Pai joined the MEMG as Chairman of Manipal Universal Learning (MUL).
Dr Ranjan Pai said their fund would not look at either education or hospitals - the sectors it was in. It would actively invest in mid-stage companies that need management help or strategic support.
The Rs 1,000-crore-plus MEMG runs educational institutions in the country and abroad and an 11-hospital chain across the country.