Son of HDFC chairman launches $200 Million private equity fund



Son of Chairman of HDFC Deepak Parekh, Sidharth Parekh has launched a new private equity fund called Paragon Partners of $200 Million with Summit Nindrajog. The equity fund is expecting to raise $60 Million by December and the rest of fund amount will be raised in next 9 – 12 months.

According to Livemint report, Once Paragon Partners closes its first tranche, it will start making investment and will raise funds from foreign investors later. This new private fund will invest in different areas like automobile, consumer, financial services and infrastructure services with the ticket size of $10 – 20 Million. It is targeting to buy 15 – 20 percent stake in each company.

In addition to this, Siddharth Parekh has also invested in some other startups like MobieFit Technologies, Seynse Technologies, CreditVidya, Handy Train and IndiaLends as an angel investor in his personal capacity.

Sidharth was an investment principal at Mumbai office of UK based emerging PE fund, Actis for more than seven years. He had also been with Washington DC based International Financial Corp as investment analyst before Actis. His friend, Nindrajog is co-founder and Executive director of Mumbai Based Hover Automotive India. Previously, Nindrajog has worked at Ares Management at its PE Group in Los Angeles and UBS in the investment banking group.

Some other PE veterans have also launched their own fund after quitting their job. Mahesh Parasuraman, the managing director of Carlyle Group had launched a growth capital in March 2015 with Sunil Vasudevan, formerly a partner of India Value Fund Advisors.