Baring Asia MD quits to set up own fund

Mumbai-based managing director Bala Naidu left the Hong Kong-based firm last month to start his own private credit business.

Bala Naidu, a managing director at Hong Kong-based firm Baring Private Equity Asia, resigned in November to launch his own fund, according to Indian media reports.

A spokesperson with Baring Private Equity Asia confirmed the firm’s separation with Bala Naidu but did not add further details on Naidu's replacement, PDI sister publication Private Equity International reported.

Naidu, who joined Baring Asia in 2013, was heading its operations in Mumbai with Jimmy Mahtani, also a managing director with the firm. He worked on the firm’s India portfolio which currently includes investments in IT services company Hexaware Technologies, construction materials company Lafarge India, and logistics company CMS.

Before joining Baring Asia, Naidu was a managing director at Goldman Sachs, according to his LinkedIn profile. He has also previously worked at Rabo India Securities, ICRA and ICICI Bank.

Naidu left the firm to launch a Singapore-based private equity fund focused on structured debt financing in Asian companies, whereby 50 percent is allocated to Indian companies, according to the media reports. Along with the fund, Naidu reportedly plans to launch a non-banking financial company with a focus on consumer finance, and to raise another $100 million for it.

Naidu could not be reached for comment.

Baring Asia, has over $10 billion in committed capital across private equity, real estate and credit funds. In 2015 the firm raised the third largest pan-Asian private equity fund in the region, just behind the mega-funds raised by buyout giant KKR ($6 billion) and Asian investment firm RRJ Capital ($4.5 billion).

Baring Asia’s most recent investments include the A$1 billion ($762 million; €698 million) takeover of Sydney-listed risk management firm SAI Global, the $3.55 billion purchase of Thomson Reuters’ IP unit, and the $255 million purchase of Korean cement maker Lafarge Halla.