Vivek Paul, formerly a partner at TPG Ventures' San Francisco office, has set up his own private equity firm, according to a source.
Paul joined TPG in mid-2005 as a partner in the venture funds, specialising in technology and life sciences from Bangalore-based Wipro Technologies, where in his last role he was the president and chief executive officer. Paul quit TPG in late 2008.
There has been widespread Indian media speculation that Paul would take over the reins at fraud-hit Satyam Computer Services.
Akansa Capital. the new firm launched by Paul, is raising a fund targeting commitments of between $300 million and $400 million, unnamed sources told the Economic Times. A first close on the fund is expected by the end of the year, the paper noted.
Akansa’s fund will be sector-agnostic and a majority of its investments will be made in India. It will also make investments in a few companies that have an Asian presence, an investment banking source told the paper.
Paul has worked at global consulting firm Bain & Co. and Pepsico, where he was involved in their M&A activities. He was then the president of and chief executive officer of GE and Wipro’s medical equipment joint venture.
He joined Wipro in 1999 and is credited as being one of the key players in its transformation from a small software business into one of India’s leading IT and outsourcing companies.
This is the second instance, in recent months, of a prominent Indian private equity professional leaving a global private equity firm to launch his own operations. In August 2008, Ajay Relan, long-time head of Citi Venture Capital International’s India operations, quit to launch his own private equity firm, CX Partners. The firm is currently in the market for a fund targeting $750 million for investments in India.
Paul could not be reached.