(Bloomberg) -- Sanjay Nayar, a KKR & Co. veteran, is backing a venture capital firm seeking to raise as much as $250 million to invest in climate tech startups.

Nayar joined as a general partner at Peak Venture Advisors, that invests in companies in sectors including new energy, food systems, water and climate, he said in an interview in Mumbai. The fund is seeking to raise money from institutional investors, Nayar said.

Founded by Samir Shah, who ran a multi-strategy hedge fund in Hong Kong for 10 years, Peak Venture has already backed companies, including Indra Water and Avant Wood, according to information provided by the firm. The Mumbai-based company has a team of about 10 people and a pipeline of deals to deploy capital over the next two years, Shah said in an interview.

Earlier this month, the Securities & Exchange Board of India approved Nayar as the general partner of the firm, in which Shah is the managing partner, the company said in a statement.

The KKR veteran is backing investment platforms after spending 40 years in India’s financial circle. He was handpicked from Citigroup Inc. in 2008 by KKR’s co-founder Henry Kravis to lead the alternate asset manager’s India business. Nayar left his role as the private equity fund’s India chief executive officer in December 2020.

Nayar, whose family controls a $3 billion stake in the owner of beauty e-retailer Nykaa, set up his venture fund — Sorin Investment Management — last year targeting early-stage startups. The fund has already raised more than $165 million and is scouting for investments, Nayar said.

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