Citi’s Indian investment banking head to join Carlyle

The global alternative investment firm has recruited Devinit Singh, the latest banker to join the asset class.

Devinit Singh, Citi’s managing director of investment banking in India, is leaving the global bank to join The Carlyle Group, the global private equity firm, according to two sources close to the respective organisations.

Carlyle’s investments in India include Claris Lifesciences, a pharmaceutical company it backed with an undisclosed investment in 2006.

The firm has various funds, which can invest across the region. Its second Asia buyout fund raised $1.8 billion (€1.17 billion) in 2005, while its third Asia growth capital fund raised $668 million in 2003, and its Asian real estate fund raised $410 million.

Singh is the latest of a slew of bankers to leave a investment bank to join a private equity firm.

The departures include: John Sinik, the global head of leveraged finance at UBS, who has gone to Towerbrook Capital Partners; John Coyle, former head of financial sponsor coverage at JPMorgan, who has joined Permira; and Chris Coles, the former head of leveraged finance at Barclays Capital, who is moving to Actis, the emerging markets manager.