Electra Partners, a UK mid-market private equity firm, will be one of the biggest investors in a $200m (€128m) domestic Indian buyout fund backed by Sanjay Patel, co-head of private equity at Goldman Sachs.

Electra is investing $15m in the first fund from Gaja Capital Partners, a Mumbai-based private equity firm set up by Gopal Jain and Ranjit Shah. Patel, the co-head of the bank’s Principal Investment Area’s private equity business in Europe, was a co-founder of Gaja and is listed as a “strategic adviser” to the firm.