Private equity firm TVS Capital Funds (TCF) has reconstituted its board of directors as it eyes investment opportunities in technology-enabled sectors while maintaining its core focus on financial services.
Three long-serving board members—R. Thyagarajan, Rajeev Gupta and Pradeep Kumar—have stepped down after completing their tenures. Thyagarajan, a founding figure in the firm’s journey, will continue in an honorary role as “Mentor Emeritus”.
Joining the board are Shyam Srinivasan, former managing director (MD) and chief executive officer (CEO) of Federal Bank, as independent director and chair of the advisory board; Subhasri Sriram, MD and CEO of Shriram Capital; and Mithun Sacheti, founder of CaratLane. The appointments are part of a broader leadership refresh aligned with the firm’s evolving strategic focus.
“Boards should reflect market opportunities more closely. When you’ve been on a board or in the industry for a very long time, there’s a chance you might miss recent developments and operate from past experience,” Shyam Srinivasan told Mint. He added that the board transition offers “an opportunity to bring in people whose perspectives align better with where the market is headed.”
Srinivasan also emphasized a longer-term agenda for the firm: “Apart from the financial work, we want to build something that lasts long after everybody falls.”
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The restructuring comes alongside the close of Fund IV, which has raised approximately ₹4,000 crore, with about 10% of that capital deployed. The fund will continue to focus primarily on financial services (65–70%) while expanding into tech-for-business, a newer area for TVS Capital Funds.
Planning is also underway for Fund V, expected to be in the ₹8,000– ₹9,000 crore range. The board refresh is intended to align leadership with these emerging priorities and to strengthen institutional capabilities as the firm scales its platform for the next phase of growth.
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TVS Capital operates primarily in India, with teams and investments across Mumbai and Chennai.
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