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Son Of Indian Mortgage Lender Magnate Creates $200 Million Private Equity Fund - Report
Tom Burroughes
1 December 2015
Siddharth Parekh, a son of Deepak Parekh, chairman of India’s largest mortgage lender, Housing Development Finance Corp, has developed a $200 million private equity fund, according to media reports. Paragon will invest in areas of consumer, automobile, infrastructure services and financial services with a ticket size of $10 million to $20 million, taking a 15-30 per cent stake in each company.
Siddharth Parekh has set up Paragon Partners with his friend Sumeet Nindrajog. The firm is expecting its first close of $60 million by December and hopes to raise the entire targeted amount in nine to 12 months. It is registered with the capital markets regulator.
Siddharth Parekh was an investment principal for over seven years at the Mumbai office of Actis, a UK-based emerging markets private equity fund. Prior to this, he worked with the International Finance Corporation in Washington DC as an investment analyst.
His LinkedIn profile says he has been a partner at Paragon Partners since May this year.