LetterOne taps Rahul Mukim to spearhead $2 billion India push

New Delhi: Luxembourg-headquartered LetterOne has hired Rahul Mukim, the former India private equity head at Ontario Teachers' Pension Plan, to lead its planned $2 billion investment programme in India, according to people familiar with the matter.

The appointment will give LetterOne an on-ground presence in India, a move the firm has been planning for more than a year, they said.

LetterOne primarily invests in Europe and the US. It owns British nutraceuticals retailer Holland & Barrett and holds a significant minority stake in Turkcell, Turkey's largest telecom operator.


The firm is chaired by former Standard Chartered chairman Lord Mervyn Davies.

Mukim led private equity investments in India for Ontario Teachers, the Canadian pension fund that manages retirement assets for teachers in Ontario. During his tenure, the fund acquired a stake in Omega Healthcare alongside Goldman Sachs and invested in Sahyadri Hospitals, the people said.

“His move has been in the works since February,” one of the people said.

LetterOne confirmed Mukim's appointment when contacted. Ontario Teachers did not respond to ET's queries until press time. Mukim also did not respond to queries.

"In India, LetterOne will focus on investments in healthcare and energy. A strategy is being created for these sectors,” one of the people said.

Last year, LetterOne announced plans to invest $325 million in Indian venture capital and private equity funds as a limited partner (LP).

“Commitments were made to healthcare specialist funds with a focus on North America and also India. The Indian commitments form part of the first stage of L1’s India market entry strategy, whereby L1 intends to build a portfolio of LP commitments focused on India with a view to driving local coinvestment and eventually establishing a presence in the country,” the company's 2024 annual report said.