Englefield shuts down India office

The mid-market firm will close its Mumbai office and make redundant its three-person Indian investment team, including former Temasek executive Dinesh Vaswani.

Englefield Capital is shutting down its office in Mumbai less than a year after its establishment.

The UK-headquartered mid-market firm had hired Dinesh Vaswani, formerly a managing director of Temasek Holdings in India, as co-head of its India operations. Vaswani was joined by Jerome Mourgue d’Algue, who moved from Englefield’s London office to Mumbai as the other co-head.

D’Algue, who is also a partner at the firm, said in an interview that Vaswani and two other investment professionals who had joined the firm’s Mumbai office, will be leaving Englefield. D’Algue will return to the firm’s London office.

He declined to give a rationale for the withdrawl from Mumbai, though the firm did not announce any Indian deals since opening the office in mid-2008.

Englefield is the latest private equity firm to shutter an Asian location in recent months. Unitas Captial closed its Tokyo office last month; Cerberus reportedly shut down its office in Hong Kong; Sun Capital Partners closed its Tokyo office in February; and 3i shut its Hong Kong and Shanghai offices. Candover has also told its Asian team to either raise its own fund and become self-financing, or face closure. Infrastructure-focused Babcock & Brown is also reportedly shutting down its India operations; a spokeswoman confirmed it was “winding down” operations, but declined to comment with regards to specific operations.

The last few months have also witnessed a number of high profile departures from private equity firms investing in the region. Tomayo Shiraishi, co-head of Permira Advisers’ Japan operations, quit in January; Chris Rowlands, the chairman of 3i Asia, is to retire; and Naohiko Kitsuta, a managing director on Kohlberg Kravis Roberts’ Japan team, quit the firm in December.

Englefield manages assets of more that €1.75 billion. It targets investments of between €30 million and €150 million in mid-market companies, generally with enterprises values of more than €75 million. The firm invests in the business services, education and training, energy and environmental and financial services sectors.