Ex-Morgan Stanley executive starts real-estate fund

Ex-Morgan Stanley executive starts real-estate fund
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First Published: Thu, Mar 15 2007. 10 20 AM IST
Updated: Thu, Mar 15 2007. 10 20 AM IST
By A Postelnicu, Bloomberg
London: Craig S. Phillips, a former executive at Morgan Stanley & Co., started Ptarmigan Capital LLC, a private-equity group that will invest in real estate in the US and India.
Plans include property-development investments in southern India and “opportunistic investments in U.S. residential markets,” Stamford, Connecticut-based Ptarmigan said in an e- mailed statement today.
Phillips was formerly head of New York-based Morgan Stanley’s mortgage-securities unit, arranging debt financing for commercial real-estate projects and underwriting bonds backed by commercial-mortgage loans.
Ptarmigan, named after a bird that lives in arctic climates, will invest in India through Bangalore-based Ptarmigan Investment Advisors Private Ltd. It aims to develop real-estate projects, mainly through joint ventures with local companies, Roland Tomforde, a Ptarmigan spokesman said.
The Indian arm will be headed by R V S Rao, formerly an executive director of Mumbai-based Housing Development Finance Corporation Ltd, the largest mortgage bank in India.
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First Published: Thu, Mar 15 2007. 10 20 AM IST
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