Former NIIF executive to launch $250 million PE fund

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Government-backed National Investment and Infrastructure Fund Ltd’s (NIIF) former top executive Padmanabh (Paddy) Sinha plans to launch a new private equity (PE) fund to raise approximately $250 million (around Rs 2000 crore).

Sinha will launch the general partnership fund under the name LaunchBay Capital and will focus on $25-50 million investments in growth-stage companies. He plans to raise $100 million as the first close but did not commit to any timelines.

“I’m happy to share that I’m starting a new position as Managing Partner/co-GP at ‘Growth PE business in planning stage’!” Sinha posted on professional networking website LinkedIn on Monday.

Speaking to ET, Sinha said there are not many funds in the growth stage in India as well as globally, at present.

“We will look at broad based sectors including technology, financial services, industrials, manufacturing, etc. for high-growth businesses.” he said.

In March, Sinha quit as the executive director & chief investment officer for the private equity fund of NIIF to focus on LaunchBay Capital, which he co-founded in 2020 but paused its launch due to the post-Covid environment.