Global mid-market firm Advent International has appointed P. Jayendra Nayak as an operating partner. Nayak will advise Advent as it seeks to grow its presence in India and will also help indentify investment opportunities, particularly in the financial services sector.
Until this year, Nayak was chairman and chief executive of private sector bank Axis Bank, which grew from 100 branches and a deposit base of under $1 billion to 750 branches and a deposit base of $21 billion under his nine-year stewardship. Nayak’s career has also encompassed a position as executive trustee of Unit Trust of India, a place on the board of directors of the Securities and Exchange Board of India, and a role in the Indian Ministry of Finance’s Department of Economic Affairs. In addition, he has served as a consultant to the World Bank and the Asian Development Bank.
At the same time, Advent managing director Georg Stratenwerth, who has responsibility for developing the firm’s Indian operations, has said the firm will open an office in the country next year.
“Many businesses in India are seeking to accelerate their growth both domestically and internationally and we expect to see more investment opportunities as this private equity market matures,” he said in a statement.
The office will be the firm’s second in Asia, following its Tokyo office, which it established in 2001.
So far, Advent has made one investment in India, putting an undisclosed amount to work in Chennai-headquartered Computer Age Management Services, which offers transaction processing and investor record keeping services to the financial services sector. The deal, made in October 2007, was a joint venture with Indian financial conglomerate HDFC and financial software specialist Acsys Software India.
The firm will be the latest in a long line of global firms to establish an office in India: The Carlyle Group, The Blackstone Group, Kohlberg Kravis Roberts, Warburg Pincus and Bain Capital have all set up shop there in the last few years.