Padmanabh Sinha and Vibhor Kumar Talreja, who worked together at Temasek Holdings Pte more than a decade ago, have teamed up to start LaunchBay Capital, an India-focused growth equity firm.
LaunchBay is targeting to raise $400 million from international and domestic institutional investors, including about $100 million to $150 million for co-investment capital, Sinha said.
Sinha left National Investment and Infrastructure Fund Ltd. in April after serving as chief investment officer for private equity for nearly four years, according to his LinkedIn profile. Previously he was a managing partner at Tata Opportunities Fund, the private equity platform at the Tata Group conglomerate. Before that, Sinha was a managing director and co-led the India business at Temasek.
Talreja was most recently the co-chief investment officer at Eversource, a climate investment firm backed by UK-based Lightsource BP and Everstone Capital. He will join LaunchBay as a co-founder in August.
Sinha and Talreja worked together at Temasek for nearly four years from 2007 through 2011, where they teamed up on several deals. Talreja spent more than 12 years until 2019.
The fund will take minority stakes of between $25 million and $50 million in eight to 10 companies across sectors that include health care and consumer, Sinha said.
India remained a bright spot in Asia in terms of dealmaking last year, according to a Bain & Co. report. The country was the region’s largest exit market and the initial public offerings exit value increased 78% year-on-year in 2024. Fundraising continues to be challenging for private equity firms, even though India-focused funds increased their share to 10% in 2024 from 7% in 2019, the Bain report said.
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