New Delhi: Before the closure of its maiden fund, Private Equity head of Tata Capital Shailendra Bhandari has resigned.

Bhandari will be leaving the company to pursue other opportunities by the end of July 09, Tata Capital said in a release.

Tata Capital is in the process of raising its first fund.

The company remains fully committed to its private equity strategy and the launch of the company’s funds is well on track, it said.

Tata Capital acknowledges the contribution of Bhandari and wishes him all the best in his future endeavours, it added.

Bhadari earlier headed Centurion Bank of Punjab which got merged with the HDFC Bank in 2007.

Tata Capital plans to float a $350 million private equity (PE) fund.

The company would infuse anchor investment in the venture through which it proposed to tap domestic and international sources for raising funds, company’s chief financial officer Govind Sankaranarayanan had said.

“It is a general purpose fund of around $350 million”, he had said, adding, the company has so far not decided on the sectors in which it would invest.