Peak XV Partners managing director Piyush Gupta is set to depart the early-stage venture capital firm to launch a new investment fund, TechCrunch reported on Monday.
Gupta, a key operating leader at Peak XV Partners, will conclude his nearly seven-year tenure to pursue the creation of a new venture capital initiative, according to the report.
He is reportedly planning to launch a secondary-focused fund. The report said Peak XV plans to work closely with Gupta to facilitate transactions in its portfolio. Peak XV is based in Singapore and India.
Gupta’s LinkedIn post showed that he joined Peak XV Partners in 2017 after working for 12 years at Deutsche Bank, where he was managing director before he exited.
Gupta’s reported exit comes as Peak XV is launching a new permanent capital fund, Peak XV Anchor Fund, to invest in and partner with other fund managers across regions.
According to sources, the fund will initially raise capital from Peak XV’s partners and senior leaders and can evolve over time. The fund will not invest in startups directly but will invest in its own main fund.
The new fund will not impact LPs nor bring any change in the way LPs invest in the main funds.
In 2022, Peak XV’s former parent company Sequoia Capital announced its split into three independent entities—Peak XV Partners, focused on India & Southeast Asia, China-focused HongShan, and Sequoia Capital targeting the US and Europe.
