Bay Capital Partners, an India-focused private investment firm that has been investing via an evergreen fund structure making long-term private equity-style bets on mid- and large-cap companies, is now creating an onshore investment practice.
This would comprise a portfolio management service (PMS) and a separate public market-focused alternative investment fund registered as a Category III AIF with the Securities and Exchange Board of India.
Bay Capital said Tuesday it has appointed Ritwick Ghoshal as Managing Partner and CEO to drive the domestic onshore business.
Ghoshal comes to Bay Capital from Barclays Private Bank, where he was Director for Private Clients and was part of the India private banking management committee. He brings 27 years of wealth management experience in India, Middle East, US and the European markets to Bay Capital.
He has worked with Citibank, ANZ Grindlays, JM Morgan Stanley, ABN AMRO, HSBC Retail Banking and Wealth Management, Edelweiss Private Wealth Management and Avendus Capital Inc.
“Bay Capital are experienced in the institutional space, and with this new initiative, we aim to build on the already existing expertise on Indian equity markets with institutional investors. I will be working closely with a highly experienced and engaged research team that has deep domain knowledge of the Indian equity markets,” said Ghoshal.
Ghoshal had previously co-founded a job matching platform in India, which helped new graduates from India’s rural and semi-urban locations hone their vocational and occupational skills. The venture had raised $3 million as initial seed capital from global ultra-rich individuals.
Siddharth Mehta, founder and CIO at Bay Capital, said Ghoshal’s expertise in developing and managing global investments will help enhance the firm’s bouquet of strategies.
“He will add immense value to our asset management platform as we expand and build diverse solutions given our expertise on India and our core themes of consumption, financialization, digitization and outsourcing,” said Mehta.