Lugard Capital Limited

Growth equity investor across Asia Pacific

We partner with entrepreneurs who create leading businesses in growth sectors

WHO WE ARE

Founded in 2023, Lugard Capital is a fund manager dedicated to making and managing growth equity investments across Asia with focus on China and India. Our mission is to partner with exceptional entrepreneurs who create category-defining companies across growth sectors.

The investment team is deeply rooted in the region with more than 50 years of on-the-ground experience in senior investment banking and principal investments roles at Credit Suisse.

We selectively invest in businesses where we are a valued partner and have deep access to the entrepreneur, senior management and key shareholders to enable us to actively manage and monitor the investment.

Our core investments are in equity stakes of growth companies that have reached a certain scale and combine a proven business model with execution track-record.

Investments are in the form of ordinary shares, preferred shares and equity-like securities such as convertibles which we subscribe to directly from the issuer (primary) or purchase from existing shareholders (secondary).

The team has a successful track-record of making and managing this type of investments since 2012. Currently, Lugard Capital manages 2 private funds: the first fund was established in 2023 and is fully invested; the second fund was established in 2024 and is in the process of deploying capital.

INVESTMENT TEAM

Vikram Malhotra

Managing Partner & Founder

Prior to Lugard Capital, Vikram worked at Credit Suisse for 33 years. Most recently he was the Head of the Principal Equity Investments team in Asia Pacific and served as Chairman of the investment committee since 2016. Prior to that, Vikram was Head of Investment Banking and Head of Equity Capital Markets APAC based in Hong Kong. Vikram holds an MBA from Harvard Business School.
Giorgio Valle Correr

Partner & Co-Founder

Prior to Lugard Capital, Giorgio worked at Credit Suisse for 17 years and was most recently a Managing Director in the Principal Equity Investments team in Asia Pacific. Prior to that, he worked in the TMT investment banking advisory group based in Hong Kong and London. Giorgio holds a Master of Science in Finance from Bayes Business School, City University of London.
Gilbert (Xiaobin) Zhang

Investment Director

Prior to Lugard Capital, Gilbert worked at Credit Suisse for 5 years and was most recently a Vice President in the Principal Equity Investments team in Asia Pacific. Prior to that, he worked in the Renewable Energy investment banking advisory group based in Hong Kong. Gilbert holds a Master of Science in Finance from D'Amore-McKim School of Business at Northeastern University.

Vikram Malhotra

Managing Partner & Founder

Prior to Lugard Capital, Vikram worked at Credit Suisse for 33 years. Most recently he was the Head of the Principal Equity Investments team in Asia Pacific and served as Chairman of the investment committee since 2016. Prior to that, Vikram was Head of Investment Banking and Head of Equity Capital Markets APAC based in Hong Kong. Vikram holds an MBA from Harvard Business School.

Giorgio Valle Correr

Partner & Co-Founder

Prior to Lugard Capital, Giorgio worked at Credit Suisse for 17 years and was most recently a Managing Director in the Principal Equity Investments team in Asia Pacific. Prior to that, he worked in the TMT investment banking advisory group based in Hong Kong and London. Giorgio holds a Master of Science in Finance from Bayes Business School, City University of London.

Gilbert (Xiaobin) Zhang

Investment Director

Prior to Lugard Capital, Gilbert worked at Credit Suisse for 5 years and was most recently a Vice President in the Principal Equity Investments team in Asia Pacific. Prior to that, he worked in the Renewable Energy investment banking advisory group based in Hong Kong. Gilbert holds a Master of Science in Finance from D'Amore-McKim School of Business at Northeastern University.