Named for a bird that lives in the harsh, artic regions of North America, Ptarmigan Capital is a new alternatives firm launched by Craig Phillips, who formerly oversaw Morgan Stanley’s securitization business, including its real estate practice.
The new firm, with offices in Stamford, Connecticut and Bangalore, India, will focus on residential and commercial property opportunities in the cities of Southern India, as well as opportunistic investments in the US.
“India’s southern region, with its affluent, educated and growing middle class, is experiencing significant economic growth and an unprecedented level of demand in the resident and commercial real estate sectors,” Phillips said in a statement.
The firm has also announced the appointment of RVS Rao as the chairman of the firm’s investment management arm, Ptarmigan Capital Investment Advisors. Rao was formerly the executive director at the Housing Development and Finance Corporation, India’s largest mortgage bank.
The firm plans to launch a private equity real estate fund sometime in the next 2 to 3 months and says it will have a robust staff on the ground in Bangalore.