Serge Desjardins, head of private equity at the World Bank, left at the end of the year and joined the Emerging Markets Private Equity Association as a senior advisor, both the World Bank and EMPEA recently confirmed.
World Bank had no information about who is replacing Desjardins. One private equity fundraising source described World Bank as a significant stop on the fundraising trail.
Private equity beats the stock market hands down.
World Bank Group president Jim Yong Kim is a big supporter of the asset class, especially as it pertains to helping spur growth in emerging markets.
“Private equity is going to play a critical role in whether or not we can truly have high aspirations for the billion people living in absolute poverty in the world,” Kim said during a speech at the annual global private equity conference hosted by IFC and EMPEA in May.
At EMPEA, Desjardins will work to promote emerging markets private equity and also spend time as a spokesperson for the organisation, EMPEA said.
“Private equity can be the highest performing asset class any investor can invest in,” Desjardins said in a statement made exclusively to Private Equity International. “I’m a strong believer that the value-add that private equity managers bring to the table alongside higher level of governance and alignment of interest do generate higher returns than the stock pickers in the stock markets. Private equity beats the stock market hands down.”