ICICI Venture ropes in partner from VC firm Mayfield

Private equity firm ICICI Venture, one of the early entrants in India’s alternative investment sector, has brought in Subeer Monga as a partner, he said in a LinkedIn post.

Monga did not clarify but he is expected to be part of venture-stage deals for the PE firm.

ICICI Venture was at one time the largest PE firm in India by assets under management, before it saw other homegrown peers jut forward in its core sector-agnostic PE franchise.

While ICICI Venture is a mid-market PE firm, it also does some venture-stage deals. Besides its core PE practice, it has a real estate investment vertical and has also forged partnerships with others for different asset classes.

It has a partnership with Tata Power for infrastructure investments under Resurgent Power Ventures, especially in the field of power sector. This unit also counts Kuwait Investment Authority and State General Reserve Fund of Oman as stakeholders.

ICICI Venture had also had a partnership with stressed assets specialist Apollo Global for a special situation investment platform for India, AION. But this pact came unstuck as the firm was looking to float its second fund and now both the partners are free to pursue deals in that side. Apollo Global currently directly manages AION portfolio though it counts ICICI Venture as an advisor.

As first reported by The Capital Quest, ICICI Venture had also set up new investment platform in the real estate field.

Monga joins ICICI Venture from international venture capital firm Mayfield. He had spent the last 12 years with the VC firm and was elevated as a partner at the VC firm last October.

Under Mayfield, he worked on several investments including Strata, Lendingkart, Enkash, Licious, Box8, LEAP India, Securens Systems, Knowlarity Communications, Upwards Fintech, Fourcee, Sohanlal Commodities, Talview, Centum Learning, The Beer Cafe, Genesis Colors, Geodesic Techniques and Deals and You among others, as per his LinkedIn profile.

Prior to that, he had a short stint at HSBC after starting his career as an investment banker with IL&FS Investsmart, which was later acquired by HSBC.

ICICI Venture’s existing PE unit comprises top team members such as Gagandeep S Chhina and Nikhil Mohta besides Rushank Vora, Sainath Ramanathan and Sharad Malpani.

The company saw a change of reins when Puneet Nanda took over as the overall CEO two years ago, from Prashant Purker.