One Planet Partners launches maiden private equity fund with Japan's SMTB as anchor

what happened

India-focused private equity firm One Planet Partners has launched its maiden fund and announced a strategic partnership with Japan's Sumitomo Mitsui Trust Bank (SMTB). According to Moody's, the fund aims to deploy more than Rs.3,000 crore, with a first close planned by mid-2027. It will back mid-market companies with revenues of Rs.200-2,000 crore, providing growth capital of Rs.100-500 crore.

SMTB, Japan's largest trust bank, has made a strategic equity investment in the firm and anchored a dedicated fund it manages. The strategy targets energy transition, mobility and manufacturing. The first deal is a participation in the $93 million Series C round of Bengaluru electric mobility company Yulu Bikes.

The four founders include Mukund Rajan and Bobby Pauly, who previously worked on the private equity business at Tata Capital, along with Mrinalini Mirchandani of McKinsey India and Sheetal Thakkar, formerly of Blackstone. The firm plans to attract international and domestic institutional investors to the fund.

why it matters

For markets, the deal is a sign of growing Japanese institutional interest in India's private assets. The fund size and individual ticket sizes are still modest, so the impact on the broader market is limited. Still, inflows of Japanese institutional money into Indian private equity are worth watching for investors tracking this segment.

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