Mumbai: Luis Miranda, president and chief executive, IDFC Private Equity Co Ltd, will be stepping down from his role as the CEO and would continue as the non-executive chairman from November 1, 2010. Miranda was the key person in setting up the fund in 2002. In a press statement Dr Rajiv Lall, MD & CEO IDFC said, “In his newm 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.” IDFC Private Equity is the largest infrastructure focused private equity investor in India, managing funds of $1.3 billion across 3 funds. The succession plan for the CEO of the PE fund is being worked upon.