Among two new appointments, Global Environmental Fund has promoted Sridhar Narayan to managing director from principal in the firm’s Mumbai office, according to a company statement. Narayan joined GEF in 2012 from JRE Partners, a growth capital private equity firm in India.
The move signifies GEF’s continued interest in opportunities in India. The firm invests specifically in clean energy, resource efficiency, environmental services and sustainable resource management businesses.
In May, GEF invested in an early stage Indian energy efficiency firm from its Earth Fund, which was established in 2008 in partnership with the International Finance Corporation, according to an earlier statement from IFC.
India has attracted a number of environment-related investments from private equity recently. Earlier this month, the US Agency for International Development (USAID) launched a loan guarantee programme to support renewable energy private equity fund Nereus Capital in India, Private Equity International reported earlier.
USAID provided a $40 million credit guarantee to Northern Lights Development Opportunity, a special purpose vehicle launched by US multi-asset manager Northern Lights Capital Group, which committed a further $60 million.
These appointments reflect GEF's strong commitment to attracting, developing and promoting talented local investment professionals in all of our key global growth markets.
Jeffrey Leonard, chief executive, Global Environmental Fund
Also in June, the private equity arm of Goldman Sachs invested $135 million in ReNew Wind Power, a renewable energy firm in India as an add-on to its original $250 million investment in September 2011.
However, GEF invests in in environmental projects globally, and has also promoted Maurício Marçal to managing director in Sao Paulo, Brazil. Marçal is employed by GEF Brasil Investimentos, a wholly-owned subsidiary of GEF.
“These appointments reflect GEF's strong commitment to attracting, developing and promoting talented local investment professionals in all of our key global growth markets,” Jeffrey Leonard, chief executive of GEF, said in a statement.
“Maurício and Sridhar have played critical roles in the value creation process for GEF’s portfolio companies in Brazil and India. We look forward to the important contributions each of these talented individuals will make in the future success of GEF.”