eTEC Ventures

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 :

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) 

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)