Khaitan & Co further expands funds practice
Khaitan & Co's Head of Funds Daksha Baxi incorporated ‘Shubhkam Growth Fund’ and iPro Capital each of which will seek to invest nearly Rs.100 crore ($26.6 million).
Dakhsa Baxi says “There is no pure play domestic private equity players in India today. Though there are several funds, which call themselves “Private Equity Funds”, e.g. Aditya Birla Private Equity Fund, they are actually registered as VCFs under the VCF Regulations of the SEBI. In a direct comparison, in the western countries, PE players are involved in major buyouts of listed companies. The other regulatory hurdle in India, VCFs are allowed to invest only 33 and 1/3rd percent of its corpus in listed companies with further restrictions, making it difficult to invest as private equity players who invest in large cap listed companies”.
Khaitan has been steadily building its funds practice with Daksha Baxi joining from Nishith Desai three years ago. The Funds team that consists of Daksha Baxi and five other associates and senior associates is looking to ramp up its practice this year with new recruits.