Pravi Capital, the private equity firm founded by ex-ICICI Venture executives, has appointed Tapan Gandhi as principal for investments and is looking for two more people to add its senior investment team.

Founders Jayanta Banerjee, Anand Vyas and Sunay Mathure are aiming to grow their new company to $200 million. The three had resigned from ICICI in May 2010 to start their own firm.

Ghandi established his own company, Forward Thinking, after leaving Lehman Brothers, where he was head of corporate development and strategy. He has over 15 years of industry experience and has served key positions at the likes of Booze & Co, Capital One, and Philips.

The other positions to be filled at Pravi are principal for operations and vice president. Two new operating advisors will also be announced soon, while another four-member team will also be set up in the next weeks, the company said.

"The most critical factor in the success of a PE fund is putting together a cohesive team that will stay together. Our approach will be to be a strategic financial partner to our portfolio companies and provide active operating value add. Our fund-raising will commence by end of 2010," Banerjee said.

Pravi Capital is interested in investments in small and medium firms in non-metro cities with an average deal size of $10 million to $15 million. Each founder will also invest about $2 million into the venture.