Three top executives of ICICI Venture, which is the largest private equity firm in the country, including its president Jayanta Banerjee, have quit the organisation.
The other two are directors-- Anand Vyas and Sunay Mathure--who have also resigned yesterday.
When contacted, an ICICI Venture spokesperson confirmed the resignations. "They have resigned," the spokesperson said but refused to elaborate.
Banerjee also confirmed the development and said they are planning to float a private equity firm of their own.
It can be noted that last year, Renuka Ramnath had resigned as chief executive and managing director of ICICI Venture and launched a new private equity fund, Multiples Alternate Asset Management. After her exit, Vishakha Mulye, the former chief finance officer of ICICI Bank, took over as managing director.
ICICI Venture, which manages assets in excess of $2 billion, is in the process of raising up to $800 million fund and Banerjee, Vyas and Mathure were instrumental in raising the amount. About $400 million has so far been raised.
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The fund is being raised by a team of eight persons of which three have quit now, Banerjee said.
ICICI Venture is a subsidiary of ICICI Bank, which also saw some top level exits in the recent months. Last month, Sonjoy Chatterjee, the man in charge of the bank's corporate, investment and international banking, had quit.