Bay Capital is an active fiduciary. However,  we invest the way we want our capital to be managed — with the utmost care. In the private equity business, we source our own deals by offering strategic inputs for our investees and in the process become trusted advisors.  This creates a long-term relationship and, often, an attractive entry price. In investing in public markets, we look for companies with moats that are incredibly difficult to breach. Our typical holding period is quite long – creating overall cost efficiencies.  We are motivated by generating performance and our overarching philosophy is to always keep our investors’ interest ahead of our own.

A Message from our Founders...

WHO WE ARE

 

  • Established team with over 100 years of experience
  • We are shareholders alongside our investors
  • The investment management firm focuses primarily on companies based in India
 
 
 

A BOUTIQUE INVESTMENT MANAGEMENT FIRM

 
 
WELL ESTABLISHED OPERATIONS IN INDIA MAURITIUS & SINGAPORE

 

  • Regulated by SEBI (India), MAS (Singapore), and FSC (Mauritius)
  • Both long-only and private equity businesses share operational, compliance, and marketing resources
 
 
LONG TRACK RECORD IN PRIVATE EQUITY
 
 
    • 17 deals completed on a deal by deal basis
    • Recent exits include McDonald’s India (Westlife), Vini Cosmetics, and Sterling Holiday Resorts
 
EXTENSIVE TRACK RECORD IN LONG-ONLY, PUBLIC MARKETS INVESTING IN INDIA

 

 

 

 

  • Concentrated, bottom-up, long-only approach
  • Local network providing quality, accuracy, and transparency for an information advantage
  • Investing in India today reminds me of the US in 1982: double-digit interest rates beginning to fall, a successful central bank fighting inflation and much needed labor reforms being implemented. However, there is one important difference. India's GDP/Capita in 2014 is equal to that of the US in 1880.

- James Sheridan, Partner

OUR EDGE

FOCUSED APPROACH

In our long-only efforts, we are only interested in great companies that have sustainably high ROICs. In the PE business, we invest only in those companies where we believe we can add value to the sponsor while making money for investors

LOCAL PRESENCE

Intense research, due diligence and logistic support possible

EXPERIENCE

We believe we have the experience to assist our companies and the judgment to assess sustainability of returns

PATIENCE

  • In our long-only business, we believe in an ‘equity yield curve’ where returns increase with time and therefore seek investors who share our belief in the power of compounding

 

  • Our PE investments are financed on a deal by deal basis. We never rush to invest committed capital. This patient approach gives us a significant advantage over traditional PE funds
  • Private Equity investing in India is filled with challenges.  Bay Capital recognises this and has altered its approach.  First, we never participate in auctions, we source our own deals.  Second, we invest only on a deal by deal basis (usually after long periods of building trust with sponsors).  We therefore feel no pressure to invest based on the cycle of PE fundraising and investing.  We believe this discipline ensures a stable, reliable, investment process and return to our investors.”

 

— Siddharth Mehta, Founder

 

 
 
ALL INVESTMENTS FINANCED ‘DEAL BY DEAL’
Two benefits: We are in no rush to invest before the end of ‘an investment period’ and secondly, this allows increased transparency for investors.
 
 

CREATE INVESTMENT OPPORTUNITIES FOR OURSELVES

We don't participate in auctions

 

OUR GOAL IS TO BECOME A LONG-TERM TRUSTED ADVISOR BY OFFERING STRATEGIC INPUT AND UNIQUE SOLUTIONS TO OUR INVESTEES

 

 
 
 
WILLING AND ABLE TO TAKE MANAGEMENT CONTROL
 
 
 

SEVERAL RECENT PROFITABLE EXITS IN A DIFFICULT PERIOD

OUR PRIVATE EQUITY STRATEGY

  • We have found that the best Indian listed businesses have turned India’s ‘idiosyncrasies’  of weak logistics and multiple languages/cultures into significant barriers to entry. Our companies have sustainably high returns by capitalizing on branding, technology and distribution advantages, often built over long periods of time.”

 

— Puneet Saraogi, Co-Founder & Managing Partner, Bay Capital Partners LLP

 

 
 
LONG ONLY PUBLIC EQUITIES

 

 

 
 
CONCENTRATED APPROACH

(15-20 stocks)

 

 

 
 

INTEND TO BE MARKET-CAP AGNOSTIC

 

 
 
FOCUS ON COMPANIES WITH SUSTAINABLY HIGH RETURN ON CAPITAL (ROCE)
 
LOW TURNOVER

Positive implications for expense ratio and for long-term taxable investors

 

OUR LONG-ONLY STRATEGY

OUR TEAM

 

PUBLIC MARKETS TEAM

PUNEET SARAOGI

Based in Mumbai, Puneet is the Co-Founder and Managing Partner of Bay Capital Partners LLP. He has over 8 years of experience.

 

Prior to Bay Capital, he was the Head of the India office of Arisaig Partners; one of the largest Asia focused public funds with investments totaling approximately USD1.5 billion in the Indian sub-continent. He spent seven years with Arisaig and in his last role, he was the Co-Manager of the firm’s Global Emerging Markets Fund which is a USD400mn portfolio.

 

Puneet is an Electronics Engineer from Rajasthan University and an MBA in Finance from XLRI Jamshedpur, India. He has also completed an executive course from Babson, USA.

PRACHI KODIKAL

Based in Mumbai, Prachi is an Investment Analyst at Bay Capital Partners LLP.  She has nine years of experience in Equity Research.

 

Prior to Bay Capital, Prachi worked with Vinya Capital, a boutique investment management firm and Edelweis Securities, one of the largest domestic brokerage houses.

 

Prachi holds a Master’s degree in Management Studies and Bachelors in Commerce from the University of Mumbai.

RAVI SRIVASTAVA

Based in Mumbai,  Ravi  is an Investment Analyst at Bay Capital Partners LLP. He has over five years of professional experience in strategy & decision consulting, investment analysis, and mergers and acquisitions.

 

Prior to Bay Capital, he worked as an Engagement Manager with Singapore based strategy consulting firm SLC . In this position, he led several engagements with clients across India, Asia-Pacific and US. Prior to SLC, he was part of the Mergers & Acquisitions team of Siva Group in India.

 

Ravi is an Electronics & Communication Engineer from NIT, Nagpur and has an MBA from The Indian Institute of Management, Ahmedabad (IIM A).

NISHAD KARKARE

Based in Mumbai,  Nishad  is an Investment Analyst at Bay Capital Partners LLP. He has over five years of professional experience in investment analysis. Prior to Bay Capital, he worked as an Investment Analyst with Singular Capital, an investment management firm and with the wholesale asset management platform of Edelweiss Financial Services.

 

Nishad has an M.Sc. in Physics from Indian Institute of Technology, Kharagpur (IIT KGP) and an MBA from Indian Institute of Management, Ahmedabad (IIM A).

 

OPERATIONS & COMPLIANCE TEAM

BHAVESH SHAH

Based in Singapore, Bhavesh is the Vice President of Bay Capital Partners Pte. Ltd. and has approximately eight years of operational experience.

 

Prior to Bay Capital, he was with Globe Op Financial Services where he was responsible for pricing OTC derivative products.

 

Bhavesh holds a Master’s Degree in Finance from ICFAI and a Master’s Degree in Commerce from the University of Mumbai. Bhavesh is also a Chartered Financial Analyst from ICFAI.

PRAVIN NAIR

Based in Mauritius, Pravin is a Manager at Bay Capital Partners Limited and has approximately 9 years of experience in Fund Operations.

 

Prior to joining Bay Capital, he worked with SS&C Globe Op Financial Services, where he was involved in the OTC Derivatives Portfolio pricing and operations for major Hedge Fund clients from both the United States and United Kingdom.

 

Pravin holds a Masters Degree in Financial Management and Bachelors Degree in Commerce from the University of Mumbai.

NUSHRAT RAMJAUN

Based in Mauritius, Nushrat is a Junior Manager at Bay Capital Partners Limited.  She has over 7 years of experience in the administration of funds as well as in asset management. Nushrat is currently actively involved in the provision of day-to-day administration of Bay Capital Partners Funds and accounts preparation.

 

Prior to joining Bay Capital, she worked at Bramer Asset Management Ltd. for approximately 5 years where she headed the Administration Team in the Discretionary Portfolio Management Department.

 

Nushrat holds a degree in Finance with Law from the University of Mauritius and a diploma in Trust Creation Law & Practice from STEP.

SUSHMA AMIN

Based in Mumbai, Sushma is the Executive Vice President - Accounts & Finance for Bay Capital Investment Managers Pvt. Ltd. She has approximately 14 years of experience, over 7 of which were in capital markets & asset management at Bay Capital Investment Managers Pvt. Ltd. (Bay Capital).She has been a part of Bay Capital since its inception and was part of the core team that was responsible for the overall Operations, Finance and Compliance functions.

 

Prior to joining Bay Capital, she worked with the Accounts & Finance Department at Responsive Industries as an Accounts Manager.

 

Sushma holds MBA in Finance from Narsee Monjee Institute of Management Studies (NMIMS) and Master’s Degree in Commerce from the University of Mumbai.

Megha Indulkar

Based in Mumbai, Megha is the Accounts Executive at Bay Capital Investment Managers Pvt. Ltd. She has over 13 year’s of experience in the field of  Accounts & Finance.

 

Prior to joining Bay Capital, she was the  Accounts Executive in Responsive Industries Limited. She has also previously held positions at  Ekta World Pvt. Ltd.

 

Megha holds a Bachelor of Commerce degree from the University of Mumbai and completed her Software Application Computers Course through NIIT  in Mumbai.

 

PRIVATE EQUITY TEAM

SIDDHARTH MEHTA

Based in Singapore, Siddharth (Sid) is the Founder of Bay Capital. He has had a career spanning over 12 years in asset management.

 

Prior to Bay Capital, Sid was Vice President of Kotak Mahindra UK and was responsible for building Kotak’s international institutional asset management franchise in Europe. Prior to joining Kotak, he was an Executive Director at Gerken Capital Associates (GCA), and established together with the Kotak Mahindra Group “WM India Fund”, one of the first India focused hedge funds.

 

Sid holds a bachelor’s degree in Business Management and Finance from King’s College, University of London. He currently serves on the Boards of Directors of IL&FS Investment Managers, (the largest private equity firm in India), and IL&FS Energy Development Company Ltd.

NIKUNJ DOSHI

Based in Mumbai, Nikunj is a Director at Bay Capital Investment Managers Pvt. Ltd. He has over 25 years of professional experience of which the last 22 years have been in equity research and advisory functions.

 

Prior to Bay Capital, Nikunj was with the portfolio management / asset management division of the Kotak Mahindra Group for over 5 years where he held positions of portfolio analyst, portfolio advisor and fund manager for various concentrated/diversified funds, particularly on the mid-market / thematic space.

 

Nikunj is an Electronics Engineer from M. S. University, Baroda and holds an MBA from the University of Mumbai.

SIVARAMAKRISHNAN S. IYER

Based in Mumbai, Mr. Sivaramakrishnan (Siva) S. Iyer has been associated with Bay Capital Investment Managers Pvt. Ltd. since inception. He advises Bay Capital on various matters.

 

After an initial stint with J M Financial & Investment, he started his career as an Independent Consultant and has over two decades of experience in the field of Management Accounts & Audit, Business Advisory Services and Corporate Finance.

 

Throughout his career, he has advised Small & Medium Enterprises on Capital structuring, Fund raising, Mergers & Acquisition, Capital Market related issues, Financial Diligence, Financial & Business strategy, etc.

 

Siva is a Commerce graduate from the University of Mumbai and qualified as a Chartered Accountant in November 1987.

 

BUSINESS TEAM

JAMES SHERIDAN

Based in London, James (Jim) has 30 years of experience in the securities and investment management business. He started his career at Goldman Sachs in 1982 as a sales associate in U.S. Shares Sales in New York. He was promoted to Co-Head of US Shares and later moved to Hong Kong to Co-Head the Asian Shares. He was named a Partner and Managing Director in 1996 and in 1999 he was named Head of the Equities Division in Asia.

 

While working in Asia he represented Goldman Sachs in their Indian joint venture initiative with Kotak Securities from 1996-1999.

 

Jim graduated from Brown University with a Bachelor of Science degree in Economics and Applied Mathematics and received an MBA from New York University's Stern School. He has been investing in India since 2007 and is an LP in several Bay Capital Investments. He is the Chair of the Global Fund for Children in Washington, DC.

CHRIS LIGHTBOUND

Based in London, Chris has over 18 years experience in global fund sales, business development, venture capital funding, investor relations, and FMCG account management.

 

Prior to joining Bay Capital Chris spent 10 years in Hong Kong with Gavekal where he headed up the sales operation for research and fund management. Chris was part of the core team that helped to develop this Asian based financial services company into a highly respected firm that provides fund management, independent research on worldwide macroeconomic and software solutions to institutional investors.

 

Chris Graduated from Southampton Business school in the UK and sits on the Board of ROBO Global, a US and Europe-listed exchange trade fund, focused on Robotics and Disruptive Technology stocks.

 

ADMINISTRATIVE TEAM

KEYUR MAJMUDAR

Based in Mumbai, Keyur is a Director at Bay Capital Investment Managers and has 18 years of experience in financial services.

 

Prior to joining Bay Capital, he was with the Kotak Mahindra group till 2010 with roles across diverse functions. Keyur was Head of the Non-Discretionary Portfolio Management business for Private Clients and Family Offices at Kotak Securities.  Earlier on, he was based in London with Kotak Mahindra UK Ltd, here he was responsible for both institutional and private client origination and advisory for the offshore asset management business. Keyur started his career with Lazard Credit Capital (the joint venture partner of Lazard Brothers in India), Mumbai.

 

He has a Bachelor’s degree in Commerce from Sydenham College, Mumbai and a Masters in Management from Boston University.

NERISSA GONSALVES

Based in Mumbai, Nerissa is an Executive Assistant at Bay Capital Investment Managers Pvt. Ltd. She  has over 13 year’s of experience in the field of secretarial and administration.

 

Prior to joining Bay Capital, she was the Executive Assistant to the Managing Director of Tata Teleservices Limited. She has also previously held positions at Edelweiss Capital and Elara Capital.

 

Nerissa holds a Bachelor of Arts degree from the University of Mumbai and completed her Secretarial Course through Davar's College in Mumbai.

VAREENA D'SILVA

Based in Mumbai, Vareena is an Executive Assistant at Bay Capital Partners LLP. and has over ten years of experience in the Financial Services industry.

 

Prior to joining Bay Capital, she worked in the Human Resources Department at Kotak Mahindra Bank as a Relationship Manager for Pan India employees.

 

Vareena holds a Bachelor’s of Arts degree majoring in  Economics from the University of Mumbai and a Post Graduate Diploma in Human Resources from Narsee Monjee Institute of Management Studies (NMIMS).

TINA GRIMSHAW

Based in London, Tina is an Executive Assistant and Office Manager at Bay Capital Partners UK Ltd. She has 35 years of experience in the Financial Services industry, where she has held a variety of administration, project and business support roles.

 

Prior to joining Bay Capital, she spent the initial 17 years of her career with Prudential, Tina has also held positions at Investor AB, Thomas Weisel Partners LLC and Firesteed Capital.

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CONTACT DETAILS

 

 

BAY CAPITAL PARTNERS LLP.

 

 

 

Tel: +91 22 4346 8041

 

 

team@baycapindia.com

704  Dalamal House (near Status Restaurant)

Nariman Point, Mumbai, India 400 021

BAY CAPITAL INVESTMENT MANAGERS PVT. LTD

 

 

 

Tel: +91 22 4346 8000/01/02

 

 

602  Dalamal House (near Status Restaurant)

Nariman Point, Mumbai, India 400 021

team@baycapindia.com

 

BAY CAPITAL PARTNERS LIMITED

 

 

 

 

Tel: +230 467 5665

Unit 5, 4C, 4th Floor, Raffles Tower,

19 Cybercity, Ebene, Republic of Mauritius

 

BAY CAPITAL PARTNERS UK LTD.

 

 

 

 

Tel: +44 (0)20 7493 3186

21 Upper Brook Street

London W1K 7PY, UK

 

BAY CAPITAL PARTNERS PTE. LTD.

 

 

 

Tel: +65 6396 4460

20 Bendemeer Road, #03-12,

Singapore – 339914

**

CAREERS

To inquire about job vacancies or to submit your CV, please email: team@baycapindia.com

DISCLAIMERS

Past investments and performance should not be viewed as indicative of future performance.

 

The investments described on this website are speculative, involve significant risk and are suitable only for investors of substantial net worth who are willing and have the financial capacity to purchase a high risk investment which may not provide any immediate cash return and may result in the loss of all or a substantial part of their investment. No assurance can be given that the investment objective described on this website will be achieved, or that the risk management framework described on this website will achieve its objective.

 

This website does not constitute an offer, or a solicitation of an offer, to sell any security or provide investment services to any person in any jurisdiction in which it is unlawful to make such an offer or solicitation. This website is not a prospectus or an advertisement of any investment vehicle or product, and no offering is intended to be made hereby (to the public or otherwise).

 

Any information regarding your funds should be behind a password protected firewall (at the very least for US investors). Note that some of the information you have the "portfolio" should be so protected.

 ** Bay Capital Partners UK Ltd is authorised and regulated by the Financial Conduct Authority

© 2015 - ALL RIGHTS RESERVED - BAY CAPITAL INVESTMENT MANAGERS PVT. LTD.