Renuka Ramnath may float PE fund

Renuka Ramnath, who quit as the managing director and CEO of ICICI Venture Funds, is set to float a private equity (PE) fund. While details of the fund size are not known, industry sources say Ramanth has been approached by some banks and corporate houses who are keen to put in money in an equity fund promoted and managed by her.

However, formation of the fund might take three to six months and a new company has been incorporated for the purpose. Ramnath was not available for any comment.

The 48-year-old ICICI veteran, who ran the country’s largest private equity fund, quit just a few months ago and her exit occurred nearly a few days before ICICI Prudential Life Insurance Managing Director and CEO Shikha Sharma also quit her position to join as the boss of Axis Bank.

The exit of both the players just a few months after Chanda Kochhar was made the managing director of ICICI Bank had raised many eyebrows in the country’s banking and corporate circles.