India and China top the list in Asia for growth in private equity fund-raising, according to a survey by international law firm Simmons & Simmons and Société Générale Corporate & Investment Banking.
Global private equity firms and financial services companies are rapidly increasing their presence in India, the survey showed, spotlighting some of the world’s leading firms such as Lehman Brothers, Baird Private Equity, Apax Partners and Soros Fund Management.
In an effort to tap into India’s booming economy, such companies have made a number of high-level appointments to oversee their India operations, the survey noted.
For example, Mohan Kharbanda was appointed executive-in-residence in India for the US firm Baird Private Equity. Prior to his appointment, Kharbanda had been with Apple, where he led a team for establishing offshore operations in India and Eastern Europe. He was also responsible for launching Dell’s operations in India.
The US-based global investment bank Lehman Brothers has also stepped up its interest in India with the appointment of Prashant Purker as managing director and head of global finance, India. Purker joined Lehman Brothers from ICICI Bank, where he was head of global principal investments and trading.
In June, Apax Partners, a world leader in private equity, held a board meeting in Mumbai, at which the company outlined potential investment opportunities in the country.
“The board meeting is a quarterly affair held in different countries. It is being held in India this time as we are excited about the prospects here,” said MD and country head Neeraj Bharadwaj. Apax is currently raising a €8.5-billion fund that will invest in emerging markets, including India.
