From Management Buyout to Fund of Funds | P. V. Ramanathan (Ram) Interview
From Management Buyout to Fund of Funds | P. V. Ramanathan (Ram) Interview  
Podcast: Buyers and Builders
Published On: Sun Apr 05 2026
Description: In this episode, I sit down with P.V. Ramanathan, or Ram, to unpack the story of how he helped lead a management buyout of a struggling cathodic protection business in 2003 and turned it into Corrosion Technology Services ( https://ctscp.com/ ). Himself local to Dubai, Ram's company, CTS, includes 10 companies operating across 8 countries and 3 regions.The free cash flow generation gave Ram the ability to build Neeti Fund, a fund-of-funds built around a simple but highly selective strategy: backing a small group of high-quality long-only and long-short equity managers with aligned incentives, understandable philosophies, and meaningful personal capital invested alongside clients.Timestamps:0:00 Why Ram calls his life “dull, boring, and unsexy”5:09 Leaving India for Dubai with no passport8:46 The accounting lessons that shaped his whole career11:05 Learning the oilfield business from the rig floor13:29 The turnaround opportunity that changed everything16:07 Buying CTS through a leveraged management buyout19:19 What Ram focused on after taking over the business26:45 Why CTS refuses leverage and aggressive accounting31:31 The case for a cash-heavy balance sheet36:40 How Neeti Fund was born43:16 Ram’s framework for picking elite fund managers49:50 Red flags he’ll never ignore in an allocator57:33 The story behind ValueX Middle East1:08:52 Why money is an enabler, not the goal1:11:05 Great allocators vs. average allocatorsThis podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.