# Pitch Deck Extraction team_and_track_record Response ## Technical Context - **Task Name**: Pitch Deck Extraction - team_and_track_record - **Workflow Run ID**: 25 - **Timestamp**: 2026-07-16T09:41:22.385Z ## Grounded Intelligence Data # Neo Infra Income Opportunities Fund II - Team & Track Record Diligence Report --- ## 1. Team Profiles & Classifications The Neo Group features a highly experienced founding, platform, and operational infrastructure team. Below is the detailed identification, background, and classification of all listed personnel. ### A. Founding Team (Neo Group & Neo Asset Management) * **Nitin Jain** — *Chairman & Managing Director, Neo Group* `[Slide 5]` * **Background / Credentials:** Ex-CEO of PAG-Edelweiss Wealth Management. IIT Kharagpur and IIM Calcutta alumnus. Named "AsiaOne Exemplary Leader of the Year 2025" `[Slide 5]`. * **isInvestmentTeam:** `False` (Group-level leadership and strategic oversight). * **Varun Bajpai** — *Chairman, Neo Wealth Management* `[Slide 5]` * **Background / Credentials:** Former Country Head at Macquarie India. BITS and IIM Calcutta alumnus. Recognized as the youngest Country Head at Macquarie `[Slide 5]`. * **isInvestmentTeam:** `False` (Wealth management leadership). * **Hemant Daga** — *CEO, Neo Asset Management* `[Slide 5]` * **Background / Credentials:** Ex-CEO of Edelweiss Asset Management. St. Xavier’s and IIM Bangalore alumnus. Named "Asia One Global Indian of the Year 2025" `[Slide 5]`. * **isInvestmentTeam:** `False` (Asset management executive leadership). * **Puneet Jain** — *CIO, Neo Asset Management* `[Slide 5]` * **Background / Credentials:** Ex-Goldman Sachs and Kotak Institutional Equities. IIT Kanpur and IIM Ahmedabad alumnus. Awarded "Private Debt Investor’s Turnaround Titan 2019" `[Slide 5]`. * **isInvestmentTeam:** `True` (Primary role in investing and portfolio underwriting). * **Shaji Devakar** — *CEO, Neo Wealth Management* `[Slide 5]` * **Background / Credentials:** Ex-Executive Director at 360 ONE, Deutsche Bank, and Barclays. Alumnus of St Joseph Bangalore. Received "The Economic Times Best Leader Award (2018)" `[Slide 5]`. * **isInvestmentTeam:** `False` (Wealth management leadership). * **A Srikanth** — *Strategic Advisor, Neo Group* `[Slide 5]` * **Background / Credentials:** Ex-CEO of Motilal Oswal Wealth and Bridge Monte. ICFAI Business School alumnus `[Slide 5]`. * **isInvestmentTeam:** `False` (Advisory role). *Cumulative Fact:* The founding team has cumulative assets worth over **INR 3,00,000 crores** managed throughout their careers `[Slide 5]`. --- ### B. Neo Infra Investment Team * **Abishek Goel** — *Head – Infrastructure & Real Assets / Managing Director* `[Slide 33, 44]` * **Background / Credentials:** 23+ years of overall experience in infrastructure investing, M&A advisory, and strategy consulting; 16+ years of specific experience investing in Indian infrastructure. Ex-Global Infrastructure Partners (GIP), HSBC, DSP Merrill Lynch, and JP Morgan. Education: IIT Kanpur, IIM Bangalore `[Slide 44]`. * **Track Record Highlights:** Managed $750Mn+ in direct investments, built 750MW of renewable energy capacity, executed 4 successful exits, and achieved 450bps in savings on a $250Mn refinancing deal `[Slide 44]`. * **isInvestmentTeam:** `True` (Leads infrastructure investment strategy, deal execution, and asset underwriting). * **Saurabh Singhal** — *Managing Director and Partner* `[Slide 33, 46]` * **Background / Credentials:** 23+ years of experience across diverse infrastructure sectors (Airports, Airlines, Railways, Urban Transportation, Energy/Power, Roads, Transmission & Distribution, Oil & Gas). Former roles include Director and Co-Founder at Auctus Advisors, Principal at Strategic Decisions Group (SDG), Senior Manager at American Express Financial Advisors, and Consulting Partner at ASSOCHAM. Alumnus of IIT Kharagpur, IIM Bangalore, and IBI New York `[Slide 33, 46]`. * **Track Record Highlights:** Managed $700 million of proprietary funds for American Express in New York. Buyside advisory on investment decisions exceeding INR 30,000 Cr in value across conventional and renewable power, coal, hydro, LNG, and offshore oil. Led market analysis and commercial due diligence (CDD) for over 50,000 MW of power plants globally `[Slide 46]`. * **isInvestmentTeam:** `True` (Primary role in buyside investment advisory and deal sourcing). * **Vijay Gupta** — *VP – Investments* `[Slide 33, 50]` * **Background / Credentials:** 10+ years of experience. Previously worked at the National Investment and Infrastructure Fund (NIIF), evaluating multiple infrastructure projects from a credit risk perspective. Alumnus of IIT (BHU) Varanasi and IIM Indore `[Slide 33, 50]`. * **isInvestmentTeam:** `True` (Underwriting, credit assessment, and infrastructure project evaluation). * **Saurabh Sareen** — *VP – Investments* `[Slide 33, 50]` * **Background / Credentials:** 8+ years of experience in M&A and PE deals, cumulating to more than 3 GW of renewable energy assets. Prior experience in infra investing and M&A advisory with Virescent (KKR’s renewable energy platform), Avendus, and Yes Bank. Alumnus of NMIMS, Mumbai and University of Delhi `[Slide 33, 50]`. * **isInvestmentTeam:** `True` (Underwriting and sourcing of energy and infrastructure transactions). * **Yash Shah** — *VP / Assistant Vice President – Investments* `[Slide 33, 50]` * **Background / Credentials:** 8+ years of experience. Previously worked at CRISIL on deal advisory and due diligence for multiple infrastructure projects. Alumnus of KJ Somaiya, Mumbai (MBA) and holds a CFA charter `[Slide 33, 50]`. * **isInvestmentTeam:** `True` (Primary focus on underwriting, financial modeling, and due diligence). * **Praveen Kumar** — *Head - Financing / Head - Project Finance* `[Slide 33, 49]` * **Background / Credentials:** 24+ years of financial experience in investment banking, corporate finance, financial consulting, and project advisory. Joined from Vertis Infrastructure Trust (KKR & OTPP backed) where he was VP & Head of Corporate Finance. Previously with Vinci Concessions and SBI Caps. Alumnus of IIT Delhi and MD University `[Slide 33, 49]`. * **Track Record Highlights:** Involved in raising aggregate debt of ~INR 40,000 Cr across sectors, including INR 20,000 Cr specifically for highway projects `[Slide 49]`. * **isInvestmentTeam:** `True` (Underwrites and structures transaction financing, debt raise, and capital advisory). --- ### C. Neo Infra Operations Team * **Neeraj Sanghi** — *Managing Director and Operating Partner* `[Slide 34, 45]` * **Background / Credentials:** 40+ years of experience in project management, development, finance, and operations in infrastructure and oil & gas. Former CEO of Highway Concession One (HC1 - GIP-owned roads platform, later acquired by KKR), Ex-Chief Commercial Officer at Essar Projects India Ltd, and Head of Port Business Development for Hazira LNG terminal (TotalEnergies). Education: B.E. Electrical Engineering, MBA, and Master's in Sustainable Development `[Slide 45]`. * **isInvestmentTeam:** `False` (Heads infrastructure operations and asset management). * **Parvez Umrigar** — *Senior Advisor* `[Slide 34, 47]` * **Background / Credentials:** 40+ years of experience in roads, infrastructure operations, public-private partnerships (PPPs), and capital raising. Former MD & CEO of Brookfield's India roads business, MD & CEO of EverEnviro Resource Management, MD & CEO of Welspun Group’s Infrastructure Development Business, and Co-Head of structured investments at Piramal Infra. Twice all-India rank-holding Chartered Accountant and Cost & Works Accountant `[Slide 34, 47]`. * **isInvestmentTeam:** `False` (Provides strategic operational oversight). * **Karanam Hari Krishna** — *COO – Roads* `[Slide 34, 48]` * **Background / Credentials:** 30+ years of construction and O&M experience across roads, bridges, and metro projects. Formerly Senior VP and Head of O&M at Safeway Concessions (Macquarie’s road platform), where he helped deliver over 30,000 lane-km of road infra. Ex-L&T Country Head - Roads (Oman). Managed delivery for major projects like the Mumbai-Nagpur Expressway `[Slide 34, 48]`. * **isInvestmentTeam:** `False` (Direct operational execution). * **Yudhvir Singh Gulia** — *COO – Renewables / Head - Renewables Operations* `[Slide 34, 48]` * **Background / Credentials:** 25+ years of engineering experience (13+ years in O&M of solar power projects). Joined from Vector Green Energy (GIP-backed), where he was VP & Head of O&M (Solar). Involved in the implementation of over 2 GW of solar projects (representing ~4% of India’s solar capacity). Prior tenures at ACME Solar and Applied Solar Technologies `[Slide 48]`. * **isInvestmentTeam:** `False` (Renewable asset operations). * **Amol Sawant** — *Finance Controller | CA* `[Slide 34]` * **Background / Credentials:** 23+ years of experience. Formerly with Vector Green (GIP platform), Thermal Power Projects, EPC, & Manufacturing. * **isInvestmentTeam:** `False` (Financial control). * **Vishal Shirode** — *VP – Technical / Head – Roads Operations* `[Slide 34, 49]` * **Background / Credentials:** 16+ years of experience in EPC, Hybrid Annuity Model (HAM), and BOT highway sectors; has delivered ~9,000 lane-kms. Former roles with Highway Concession One (HC1), Dilip Buildcon, and Reliance Infrastructure `[Slide 49]`. * **isInvestmentTeam:** `False` (Technical operations). * **Ashok Roul** — *Health, Safety and Environment (HSE)* `[Slide 34]` * **Background / Credentials:** 17+ years of experience with Safeway (Macquarie), Peak Infrastructure (Brookfield), and Leighton India. * **isInvestmentTeam:** `False` (HSE Compliance). * **Kunjal Shah** — *Company Secretarial* `[Slide 34]` * **Background / Credentials:** ~20 years of experience. Former role with Highway Concessions. * **isInvestmentTeam:** `False` (Secretarial operations). --- ### D. Platform and Operations Support Team `[Slide 35]` * **Riyaz Ladiwala** — *Group Chief Operating Officer* (29+ years experience, Ex-Nuvama, Edelweiss) — `isInvestmentTeam: False` * **Devina Khanna** — *Managing Director – Domestic Fundraising* (19+ years experience, Ex-ET Now, NDTV Profit) — `isInvestmentTeam: False` * **Prashant Mody** — *Group Head – Compliance & Secretarial* (20+ years experience, Ex-360 One, Nuvama) — `isInvestmentTeam: False` * **Braj Chandak** — *Risk Head* (21+ years experience, Ex-Bank of America, Edelweiss) — `isInvestmentTeam: False` * **Anindita Bhowmik** — *General Counsel* (15+ years experience, Ex-Blackstone, Goldman Sachs, Cyril Amarchand) — `isInvestmentTeam: False` * **Twinkle Jain** — *Senior VP – Products* (12+ years experience, Ex-Kotak, IIFL) — `isInvestmentTeam: False` * **Prerna Soni** — *Managing Director – International Fundraising* (17+ years experience, Ex-Invest India, GE, EY) — `isInvestmentTeam: False` * **Ankit Saraf** — *Senior VP – Fund Operations* (13+ years experience, Ex-Edelweiss) — `isInvestmentTeam: False` --- ## 2. GP Historical Track Record & Prior Fund Metrics Neo Asset Management operates across several core/private credit strategies, with its primary infrastructure platform demonstrated via its debut fund, **Neo Infra Income Opportunities Fund I (NIIOF-I)**. ### Neo Group and Asset Management Overview `[Slide 3]` * **Assets under Advisory:** ~INR 70,000 Cr * **Assets under Management (AUM):** ~INR 20,000 Cr * **Corporate Net Worth:** INR 2,000 Cr * **Institutional Partners / Investors:** MUFG (Mitsubishi UFJ Financial Group, Japan), Peak XV (formerly Sequoia India, SEA), and Euclidean Capital (USA-based family office). --- ### Track Record of Neo Infra Income Opportunities Fund I (NIIOF-I) `[Slide 13]` NIIOF-I was designed to target stable, income-generating operating infrastructure assets with the following performance parameters: * **Fund Size:** INR 2,300 Cr * **Target Gross Returns / IRR:** 18% – 20% p.a. * **Actual Gross IRR Performance (Tracking):** Currently tracking at **~21% p.a.** (performing ~21% better than target IRRs) * **Target Annual Distributions:** 10% – 12% p.a. (Post Deployment) * **Actual Distributions Delivered / Projected:** * **FY25:** ~8.2% * **FY26 (Projected):** ~12% – 13% (exceeding initial predictions) * **Target Capital Gains:** 8% – 10% p.a. * **Total Deal Commitments:** Deals worth **INR 2,985 Cr** completed or fully committed (representing 100% deployment on a committed basis relative to fund size) #### Strategy Execution Alignment `[Slide 15]` * **Construction Risk:** 0% allocation to under-construction assets. 100% of the capital was deployed/committed to Operating Assets. * **Counterparty Strength:** 95% of the fund’s assets are contracted with highly creditworthy Central Government entities. * **Residual Asset Life:** Solar assets average 22 years of residual life; Road assets average 13–14 years of residual life. * **Control / Structure:** 100% of direct assets are fully owned by NIIOF-I (avoiding minority stakes or promoter-led platform risks) `[Slide 16]`. --- ## 3. Prior Fund Portfolio & Case Studies The following table itemizes the completed and committed portfolio transactions under the NIIOF-I strategy, providing specific deal details and target returns `[Slide 17]`: ### NIIOF-I Portfolio Breakdown `[Slide 17]` | Deal Description | Indicative Size (INR Cr) | Sector | Target Returns (Gross IRR) | Status | Remarks / Thesis | | :--- | :---: | :---: | :---: | :---: | :--- | | **Funds Deployed (Subtotal: 763 Cr)** | | | | | | | NHAI InvIT | 198 | Roads | ~19%* | Completed | Already acquired. Underpins cash flow base. | | Mahindra – OTPP InvIT | 102 | Solar | ~18%* | Completed | Already acquired. Low counterparty risk. | | Energy Infra Trust | 50 | Energy | ~30%* | Completed | Already acquired. Opportunistic high yield. | | 4-lane NHAI BOT (Toll) road on NH-5 (Chandigarh-Shimla highway) | 113 | Roads | ~22% | Completed | Already acquired. Direct ownership and cash flow accretion. | | 430 MWp diversified solar portfolio | 300 | Solar | ~22-24% | Completed | Already acquired. Refinanced solar assets to unlock equity returns. | | **Committed Deals (Subtotal: 2,222 Cr)** | | | | | | | NHAI HAM road in North India – DAK 2 and DAK 5 | 520 | Roads | ~22% | Committed | Definitive agreement signed; awaiting final NHAI approval. | | 5 NHAI HAM roads in South India (Raipur Visakhapatnam Expressway & Khammam Devarapalli Expressway) | 1,502 | Roads | ~20% | Committed | Definitive agreement signed; awaiting final NHAI approval. | | 1 NHAI HAM road in Andhra Pradesh | 200 | Roads | ~20% | Committed | Deal committed; awaiting final NHAI approval. | | **GRAND TOTAL** | **2,985** | — | **~21%** | — | **Tracked on a hold-to-maturity equity basis.** | *\*Note: Returns for listed InvIT investments are estimated based on market price as of February 18, 2026 `[Slide 17]`.* --- ### Conceptual Returns Enhancement Model (IRR Build-up Illustration) `[Slide 42]` The GP utilizes a specific financial structuring template to elevate base operating infrastructure returns to **~20% Fund Returns** through conservative leverage and exit premiums: ``` [Base Asset Return from Govt Counterparty: ~10%] │ ▼ [Enhancement via Low-Cost Bank Debt (67% LTV @ 7.50%): +5% to 6%] │ ▼ [Asset Returns: 15% to 16%] │ ▼ [Exit Premium (Refinancing & Transfer to InvIT at 12.5% yield): +4%] │ ▼ [Total Fund Return: ~20% Gross IRR] ``` #### Detailed Case Parameter Mechanics `[Slide 42]` * **Total Project Cost:** INR 100.00 * **Return on Project (Yield):** 10.00% (Project Income of INR 10.00) * **Leverage Structure:** * Fund Equity (33%): INR 33.00 * Bank Debt (67%): INR 67.00 at 7.50% interest rate (Interest cost = INR 5.03) * **Resulting Equity Return (Pre-Exit):** Net income of INR 4.98 on INR 33.00 Equity = **15.08% Gross IRR** * **Exit Premium Mechanics:** * Project transferred to an InvIT where public investors desire a **12.50% return** (Yield). * Exit Value (Transfer Price) = Net Income (INR 4.98) / 12.50% = **INR 39.80**. * Asset Acquisition Cost = INR 33.00. * Total Exit Premium realized = **20.61%** over a 5-year hold period (translating to **4.12% per year**). * **Final Yield to Fund Investor:** 15.08% (Operating Equity Return) + 4.12% (Exit Premium) = **~19.20% (rounded to ~20% Fund Returns)**. --- ### NIIOF-II Pipeline and Sourcing Targets `[Slide 25]` Building upon NIIOF-I, **NIIOF-II** (Target Size: INR 5,000 Cr `[Slide 19]`) has compiled an active pipeline of advanced transactions to replicate prior fund performance: * **Total Target Returns:** 18% – 20% p.a. `[Slide 19]` * **Total Advanced Pipeline:** **INR 1,860 Cr** across 6 distinct road transactions, all targeting **20%+ returns** `[Slide 25]`: 1. **#1: 2 HAM Roads (600 Cr):** Deal agreements signed; NHAI approval awaited. 2. **#2: 2 HAM Roads Portfolio (360 Cr):** Due Diligence (DD) completed; deal agreements to be signed. 3. **#3: 2 HAM Roads Portfolio (250 Cr):** Valuation agreed with seller; DD to commence. 4. **#4: 1 HAM Road (250 Cr):** Valuation agreed with seller; DD to commence; under exclusive discussions. 5. **#5: 1 HAM Road (200 Cr):** Valuation being negotiated; under exclusive discussions. 6. **#6: 1 HAM Road (200 Cr):** Valuation being negotiated; under exclusive discussions.

[Base Asset Return from Govt Counterparty: ~10%] 
                     │
                     ▼
[Enhancement via Low-Cost Bank Debt (67% LTV @ 7.50%): +5% to 6%]
                     │
                     ▼
          [Asset Returns: 15% to 16%]
                     │
                     ▼
[Exit Premium (Refinancing & Transfer to InvIT at 12.5% yield): +4%]
                     │
                     ▼
         [Total Fund Return: ~20% Gross IRR]