IDFC PE CEO Luis Miranda To Step Down In November

Luis Miranda, the head of IDFC Private Equity, is stepping down from the position of chief executive officer from November 1. It is learnt that Luis Miranda will step into the role of non-executive chairman of IDFC PE from November 2010. Till then, Miranda will continue in his current role. Private Equity Online first reported this story.

Talking to VCCircle, Luis Miranda said, “I will stay with IDFC from November 1 as chairman on a part-time basis. As of now, I don’t have any concrete plans about my future career. Anyway, it is too early to predict my next plans.”

Explaining his move, he said, “Currently, IDFC PE has a good team with well experienced partners who are capable of managing the firm and now the firm is at a mature stage with over $1 billion assets under  management.” He declined to be drawn into any further explanations on his move of stepping down as CEO.

IDFC PE, 100% subsidiary of Infrastructure Development Finance Company Ltd, handles three funds-India Development F$und ($192 million), IDFC PE Fund II ($440 million) and IDFC PE Fund III ($700 million). Currently, there are three managing directors-Satish Mandhana, SG Shyam Sundar and Raja Parthasarthy at the senior management level at IDFC PE. Its portfolio companies include GMR Infrastructure, Hotel Leelaventures, Gujarat Pipavav Manipal Health Systems and Quippo.

Rajiv Lall, MD & CEO of IDFC said, in a statement, “As part of a succession planning process, Luis Miranda will be stepping into the role of a non-executive Chairman of IDFC Private Equity by November 1, 2010.  Until then he will continue in his current role as President and CEO of IDFC Private Equity.” Lall further added that, “In his new role, Luis will remain responsible for supporting investor and portfolio company relationships and providing guidance and counsel to the investment team and promoters/management teams.  When the transition is complete, Luis will be spending a greater proportion of his time in this new role versus day-to-day management of the PE business.”

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