N&Q: Family office deals, hires, and launches

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Deals

Ratan Tata, one of India’s wealthiest individuals and the chairman of Tata Sons, the holding company of the Tata Group, has backed an Indian digital news platform called Printline Media. He committed more than $500,000 to seed the group.

Blue Pool Capital, the investment group linked to Jack Ma and Joe Tsai, the founder of Alibaba, has invested in a Chinese biotech group called Hua Medicine. Blue Pool committed $111 million with ten other investors in a Series D funding round.

Hans Näder, the CEO of German family business the Otto Bock Group, has backed a Berlin startup called Productive Mobile. Näder was one of two investors backing the group with seed capital worth €3.4 million.

Omidyar Network has backed an Indian startup called NowFloats in a Series C funding round with two other investors worth around $2.2 million.

 

Appointment

Rupal Poltack, who previously worked for The Crosby Company of New Hampshire, which managers the money of the Johnson family, owners of Fidelity Investments, has moved over to Fidelity to work in its family office business. At Crosby, Poltack was chief operating officer and chief financial officer.

 

New family office

Hedge fund manager Alan Fournier is converting his fund Pennant Capital Management into a family office and returning clients’ money. Fournier’s hedge fund had struggled to make money in recent years, according to reports.