Alagappan Murugappan has joined London-based CDC Group as managing director to lead its Asia-based investments, according to a company statement.
The appointment is effective from October 2013.
In the role, Murugappan will manage the team responsible for CDC’s existing investments in China and Southeast Asia, as well as investments in its “target geography of South Asia”, which refers to the firm's commitment to Indian private equity, according to the statement.
Having worked at UK-based emerging markets firm Actis between 2004 and 2008, Murugappan went on to be the chief executive of UTI Capital, an India-focused infrastructure fund. Prior to UTI, he was head of investment banking and executive director on the board of ICICI Securities.
CDC is one of the largest, long-term private equity investors in South Asia and despite India’s recent economic difficulties we will continue to back new and existing fund managers in the market.
Diana Noble, chief executive, CDC Group
“Muru has a wealth of hands-on investment experience in India and I am delighted that he’s joining CDC to lead our Asia funds team. Our new strategy means we have more ways than ever of getting capital into businesses in South Asia, including by investing directly. However, we remain committed to supporting funds investment in the region,” CDC chief executive Diana Noble said in the statement.
She added, “CDC is one of the largest, long-term private equity investors in South Asia and despite India’s recent economic difficulties we will continue to back new and existing fund managers in the market.”
CDC is one of the largest LP investors in Indian private equity with over $680 million invested and a further $1.1 billion committed, supporting almost 300 companies in the country, according to the firm.
Murugappan is filling the role of Anubha Shrivastava, who left the firm in August 2012 to pursue other opportunities, having joined in 2007, Shrivastava revealed to PEI earlier.
Hiti Singh, a portfolio director at the firm, has been leading the Asia funds team in the interim.
Shrivastava’s move came less than a year after CDC appointed its new chief executive Noble, whose position had been temporarily filled by Rod Evison following the departure of Richard Laing. Laing had quit his position after 11 years in the job after a government review of the firm's operations.
While Shrivastava was involved in many of CDC’s funding projects in Asia, including a £50 million (€63 million; $79 million) capital injection into India’s eight poorest regions, she had also publicly vented frustrations about the lacklustre returns to LPs from the country.
Shrivastava is now the founder of EOS Equity, which she launched in January 2013, according to her LinkedIn profile.
CDC is a development finance institution owned by the UK government. The firm has experienced high turnover recently, including adding a number of new members to its investment teams globally, having announced a new strategy to make more direct investments. New members of the firm include chief operating officer Colin Buckley who joined in July last year and ex-Permira executive Graham Wrigley, who joined as chairman of the firm last month.