According to reports, former IDFC Private Equity chief Luis Miranda has joined Global Environment Fund (GEF) as a Senior Advisor. Miranda will be based in Mumbai, “where he will contribute to GEF’s private equity investments in India and South Asia,” the investment firm stated.
GEF, which manages approximately $1 billion globally, is raising a $200 million fund focused on clean energy in South Asia. GEF’s South Asia Clean Energy Fund, L.P. has raised $85.3 million and targeting $200 million, according to the latest filing with the US regulator SEC. The amount has been raised from 11 investors, according to a disclosure last month.
GEF has an office in Mumbai, led by its managing director Raj Pai. The private equity firm’s current investments include London-listed Greenko Group plc (which owns and operates clean energy assets) and Hyderabad-based Saisudhir Infrastructures (EPC player focused on sectors like water supply, irrigation, solid waste management and sanitation).
Miranda is the founder of the private equity group of Infrastructure Development Finance Company Ltd (IDFC), one of India’s largest infrastructure finance companies. He served as the president and CEO of IDFC Private Equity from 2002-2010 and as chairman until 2011. Under him, the firm went on to raise three infrastructure-focused funds, aggregating to over $1.3 billion.