Atul Phull, former managing director and head of business development at South Asia-focused mid-market firm Everstone Group, has left to pursue business opportunities outside of the firm.
It is unclear whether Phull will be setting up his own private equity shop.
Private Equity International understands that co-founders Sameer Sain and Atul Kapur have yet to decide on a replacement for Phull, who left in May.
Everstone will continue to be run by seven other managing directors: Roshini Bakshi, Amit Manocha, Avnish Mehra, Deep Mishra, Rajesh Mehta, Vishal Sharma and Rajev Shukla, across various capacities.
Phull joined Everstone in 2011 as vice president for business development (capital raising) and moved up to executive director in 2013.
During his time at the firm, Everstone raised two funds – the 2011-vintage $580 million Everstone Capital Partners II and the 2014-vintage Everstone Capital Partners III, which closed on $730.5 million against a $650 million target, according to PEI data.
Prior to joining Everstone, Phull was head of business development at Indian fund of funds manager Guggenheim Partners.
Everstone manages about $4 billion of assets across private equity, real estate and special situations funds. In April the firm set up EverSource Capital, a joint venture with renewable energy company Lightsource BP to invest in India-focused green infrastructure. Its debut vehicle, Green Growth Equity Fund, has a £500 million ($670 million; €570 million) target and has received a £240 million cornerstone investment from India’s National Investment and Infrastructure Fund and the UK government, Everstone said in a statement.