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PE industry veteran Ajay Relan passes away

Capital Quest  

Ajay Relan, who had been associated with India's private equity industry for more than two-and-a-half decades and created two mid-market PE firms, passed away on Friday. He was 67. An economics graduate from St Stephens College in Delhi and an MBA from IIM Ahmedabad, Relan had worked in various positions at Citi in India and abroad after joining the banking group in 1976. He had headed Citi's private equity business (Citigroup Venture Capital International) in India since its inception in 1995. Relan quit CVCI in 2008 to float his own PE firm, CX Partners, and despite the global financial crisis raised USD 515 million in its maiden outing. He signed off from CX Partners to co-create Xponentia Capital in 2018.