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Structure and Objectives
eTEC VENTURES LTD. (eTEC) is a Mauritius domiciled limited liability company established in 2000 to
make equity and equity-related investments in the technology,
entertainment, and communications sectors in companies based in India or
based elsewhere (e.g., US, UK, SE Asia) but with substantial operations in
India. eTEC has had a first closing of USD 27m of the targeted USD 50m and will remain
open for additional subscriptions through 2001.
Participants :
eTEC
was sponsored by International
Equity Partners, LP, now IEP Milestone (IEP), a Washington DC-area
venture capital firm whose affiliate eTEC Management Company, LP serves as
eTEC's Investment Manager.
GSC Partners (GSC), a New York-based private equity firm with over USD 4 billion under
management globally, is eTEC's lead investor.The Investment
Manager has engaged Mumbai-based India Direct Equity Advisors Pvt. Ltd.
(IDEA) on an exclusive basis to
provide advisory services with regards to investments made in India. International Financial Services Ltd. (IFS) provides
eTEC with administration services in Mauritius. (IEP, IDEA and
IFS had previously worked together in similar roles for the 1996-vintage USD 34
million India Direct Fund, LP, which made direct equity investments in 10
companies.)
Management :
eTEC is managed by its 5-person Board of Directors, which holds regular
meetings in Mauritius.4
Board members serve on eTEC's
Investment Committee:
--
Sanjaya Kulkarni (Chairman,
based in Mumbai and the Managing Director of IDEA)
--
Sanjay Patel (based in New York and Co-President of GSC Partners)
--
Philip Stephenson (based in Washington DC and President of
IEP)
--
David Svendsen (based in London and Former Chairman of Microsoft UK)
Additionally,
eTEC has assembled an Advisory Board of senior members from the
financial and technology communities, which includes:
-- Deepak S. Parekh (Chairman, HDFC Group; Chairman, Infrastructure
Development Finance Corporation; Member, Prime Minister's Advisory Group)
-- FC Kohli
(Former
Vice-Chairman,
Tata Consultancy Services; Former Chairman, National Association of Software and Services Companies - "NASSCOM")
-- Gaurav Dalmia (Founder and CEO, First Capital; founder and Investment Committee
Member, Infinity Ventures)
-- Sudhakar Ram (Founder and Executive Director, Mastek Ltd.)
-- S. Ramakrishnan (Managing Director, Tata Teleservices)
-- David Svendsen (Former Chairman, Microsoft UK)
Presentation.. |