Evolvence hires ex-Blumberg Capital exec as India chief

Ashok Ramaswami will lead a newly hired team as the Dubai-based private equity firm deploys its first India-focused fund of funds, which makes private equity, real estate and infrastructure investments.

Evolvence Capital has hired Ashok Ramaswami to head a newly hired team of investment and advisory professionals based in India.

Ramaswami previously led investments and managed financial and operational initiatives at US venture capital firm Blumberg Capital, prior to which he helped develop five business units for Cisco Systems. He has also worked in Deutsche Bank Securities’ investment banking unit, where he oversaw mergers and acquisitions, corporate finance and various capital market activities.

At Evolvence, he will increase the Dubai-based firm's emerging market capabilities, Khaled Al Muhairy, chief executive of Evolvence, said in a statement.

Evolvence is the sponsor and cornerstone investor of the Evolvence India Fund, the first independent fund of funds focused on Indian private equity, real estate and infrastructure. To date, it has committed to seven funds including ones managed by Baring India Private Equity, GW Capital, IDFC Private Equity, IL&FS, New York Life Investment Management and UTI Venture.