Ptarmigan Capital: Phillips eyes southern India
Morgan Stanley’s former head of securitization, Craig Phillips, re-emerged in March as the chairman, CEO and founder of a new alternative asset management firm called Ptarmigan Capital.
Craig Phillips: Indian growth is a sustainable trend
The firm will seek opportunities in global asset-based financial products, with the first fund focusing on real estate investments in southern India. Ptarmigan will join the other 35 big-ticket foreign funds that have entered the Indian market in search of good yields. A study by India Brand Equity Foundation (IBEF) predicted that another 20 funds would commit themselves to an interest in India in the first half of 2007, which would translate into $10 billion in foreign direct investment in real estate. With this inflow, one question that has been raised is whether the market can sustain such capital flows – are prices going to carry on increasing?
Phillips, who left Morgan Stanley in April 2006, is confident: "India’s economic growth is 9% per annum and the demographics and attractive labour force are all factors that make me convinced this is a sustainable trend," he says.