Abraaj managing director follows Vettivetpillai to LGT Impact

Raj Morjaria joins as a partner at LGT Lightstone, which will be the new name of LGT's impact unit and its debut fund.

A former managing director in Abraaj Group‘s healthcare business has become the second alumni of the firm to join Swiss private equity investor LGT Impact.

Raj Morjaria joins as a partner at LGT Lightstone with responsibility for overseeing new funds and investments, according to a speaker profile on the FundForum Middle East & Emerging Markets conference website. Private Equity International understands that LGT Lightstone is the new name for LGT Impact and its debut fund.

LGT declined to comment.

Morjaria had been part of the Aureos Capital team, which spun out from development finance institution CDC in 2001 before merging with Abraaj in 2012, according to his LinkedIn profile. His previous duties include investment committee membership, fundraising and managing LP due diligence, the FundForum website noted.

Aureos founder and former Abraaj managing partner Sev Vettivetpillai departed the collapsing firm in April to serve as chief executive of LGT Impact. Vettivetpillai was global head of impact investing at Abraaj until Kito de Boer took over in September last year.

LGT Impact will initially focus on its core geographies in global markets including Brazil, sub-Saharan Africa, India and Europe, Vettivetpillai told Private Equity International in June.

“These regions represent large markets with unmet demand of billions of people with regards to access to affordable quality products and services, as well as improved livelihoods, which LGT Impact is looking to address,” he said.

LGT Impact is the impact investing arm of asset manager LGT Group. The private bank and wealth manager also operates private equity fund of funds business LGT Capital Partners, which has $55 billion in assets under management, according to PEI data.