Venture Capital Funds Set Up Shop in New Orleans

The New York-based Valmiki Capital Management has announced its newly formed subsidiary, Valmiki 504, has launched in New Orleans.

Valmiki CapitalPeggy A. Babin, a former associate dean at the A. B. Freeman School of Business at Tulane, will take the helm as President and CEO of the New Orleans venture capital operations. Her first day on the job was Monday, February 1.

Babin is currently working on recruiting a local team to accomplish the goal of bringing world-class investing expertise and connections to the New Orleans startup ecosystem.

“Increasing access to capital is a key factor in the growth of our entrepreneurial ecosystem, and Valmiki Capital will fill a critical need in the New Orleans area,” said Michael Hecht, President and CEO of Greater New Orleans, Inc. “We look forward to continuing to work with them to ensure their success.”

Valmiki 504 will be launching two venture capital funds in Louisiana to cater to both startups and investors: Valmiki Bayou Partners I & II LP. An initial investment of $5 million has been made by Valmiki partners while additional funds are still being raised.

Ravi Suria, founder of Valmiki Capital Management, launched the company in 2008. He received his MBA from Tulane’s business school back in 1995. His management style is hands-on and strong in partnerships, which he plans to use in Louisiana as well.

The board of directors of Valmiki 504 includes additional ties to Tulane. The board includes James W. McFarland, executive director of the Tulane Energy Institute and the former dean of the A. B. Freeman Business School at Tulane University. The advisory board also has Tulane connections through various alumni, including Eric Handler and Motez Bishara.

Six local companies have already received investment from the funds. Valmiki is expected to announce additional joint ventures in the coming months.