Mumbai, Oct 3: Renuka Ramnath, Managing Director and CEO of ICICI Venture Funds Management Company Ltd has been enlisted among the Top 25 non-bank women in finance by US Banker magazine. US Banker's ranking is recognition of most influential women whose professional and personal achievements are leaving their mark and pushing the boundaries of what's possible in their businesses.
The ranking is considered to be an unparalleled indicator of outstanding achievement and influence among women executives in financial services. The performance of these individuals reflects how their progressive leadership and inclusive management styles are making an impact on their institutions' top and bottom lines and opening doors for others-men and women alike-to acquire the tools for top performance at their institutions.
Calling her the mother of private equity in India, US Banker said "Some of the ICICI Venture's recent noteworthy returns came as a result of Ramnath's conscious decision to exit from a few very large investments before the current market situation presented itself, thus making supernormal profits for all investors."
Ramnath took over the fund in 2001 and promptly changed its focus from venture funding to mid- and late-stage growth deals and buyouts. In 2003 the fund had 50 million dollar in assets under management; by 2007 that number had grown to 2.4 billion dollar and ICICI Venture Funds had grown from a pure-play private equity fund to a full-fledged asset management firm.
Focusing on nurturing entrepreneurial Indian companies, Ramnath has produced outsized returns for her investors. Profit after taxes rose 39 percent in fiscal year 2007 over 2006; in the year ending in March 2008, profit was up 29 percent. For investors, the growth has been prodigious as well; for example, ICICI Venture's India Advantage Fund, a 267 million dollarfund raised in 2003, has realized an internal rate of return of 73 percent to all its investors' the magazine said.
Renuka is a graduate in Engineering and holds an MBA in Finance from University of Bombay. She also completed the Advanced Management Program at Harvard Business School.