The Private Equity Scene in India - I know I said I would leave . . . .

I know what you’re thinking . . . Private Equity in a developing country. It’s what many bankers aspire to do. I was trying to leave the world of finance and I got stuck right back in the mix. Boy, are you wrong. It has been a wonderful two years. At the beginning, I was the only non-Partner which meant that I got to have a direct hand in building the firm. At some points they gave me almost too much responsibility! The environment is very very different from Investment banking. For one thing, you are not focused on getting a deal done, instead you are focused on the long term viability of a Company. I would say that now, two years later, I spend over 75% of my time on Portfolio companies. That means that we are directly, on a daily basis, involved with the Companies that we represent. My job was not to manipulate numbers, but to help the Company implement operational improvements or help them get new customers (usually by calling up a senior partner to get an introduction) or even, and unfortunately, managing crises. More importantly, I got to boss my own bosses around a bit! I have learned a lot about the Indian business environment and the challenges growing businesses face. I would imagine that this experience is very different from Private Equity in the U.S. because there are less buyouts, almost no leverage, and you are typically dealing with companies that are not used to intense financial scrutiny and governance. It is always a battle yet the rewards are much greater. So I’ve enjoyed my time, learned a lot, and met some excellent people- But it’s time to leave!