A senior member of Abraaj Group‘s management team and global investment committee member has resigned from the firm, Private Equity International has learned.
Managing partner Sev Vettivetpillai submitted his resignation in December and will officially leave the firm at the end of April, it is understood. He wanted to depart by early March but agreed to remain at the board’s request.
A spokeswoman for Abraaj confirmed his departure: “Mr Vettivetpillai is currently assisting with the transition process that is underway at the firm and will be departing upon completion of that process. He will continue to serve as a non-executive member of Abraaj’s Global Investment Committee till the end of 2018.”
He declined to comment.
Vettivetpillai was the firm’s global head of impact investing until Kito de Boer took over in September, according to a statement from the firm.
News of his departure comes after media reports in February that the firm might have misappropriated money from its $1 billion 2015-vintage Abraaj Growth Markets Health Fund.
Vettivetpillai is an influential figure in emerging markets investing. He joined Abraaj in 2012 when the firm acquired Aureos Capital, a small- and mid-cap emerging markets private equity firm, where he was founder, chief executive and chief investment officer, according to a statement at the time.
It is understood that Vettivetpillai is a ‘key-man’ at the firm.
His departure follows that of partner and group CFO Ashish Dave who spent five years at the firm between 2008-13. His LinkedIn profile shows he rejoined in February 2017.
On Thursday PEI reported that Abraaj had cancelled its high-profile six-day investor event in Dubai and instead plans to hold meetings with LPs on a regional basis. The event, known as Abraaj Week, has in past years attracted more than 1,000 guests including business executives, academics and former deputy heads of state.