General Atlantic bolsters India team

The firm has hired and promoted several investment team members following the hire of head of India, Sandeep Naik, who joined from Apax Partners a few months ago.

US private equity firm General Atlantic has strengthened and expanded its Mumbai-based team by hiring and promoting a number of investment professionals, according to a company statement. The new hires include Shantanu Rastoogi as principal, and Vijay Venkat and Varun Talukdar as associates. 

Existing team members Ranjit Pandit and Abhay Havaldar have also both been named advisory directors, with the firm now employing eight investment professionals in India.

General Atlantic’s staffing moves come just months after Sandeep Naik joined the firm from Apax Partners as managing
director and head of India.

As an important high-growth economy, India will continue to be a core element of General Atlantic's strategy of investing in growth companies around the world

William Ford, CEO, General Atlantic

“As an important high-growth economy, India will continue to be a core element of General Atlantic’s strategy of investing in growth companies around the world,” William Ford, chief executive of General Atlantic, said in a statement. “GA is active in several Indian sectors opening up to new investment, including financial services, healthcare, technology, business services, and consumer retail. We also see attractive investment opportunities arising from the rapid growth of the emerging middle class.”

General Atlantic was the seller in one of India’s largest exits last year, selling its 30 percent stake in business process outsourcing firm Genpact alongside Oakhill Capital Partners to Bain Capital in a $1 billion secondary buyout, Private Equity International reported earlier. 

Despite using a secondary exit route, Naik said that General Atlantic’s fund structure means it is not forced to sell investments. “Our evergreen fund structure affords us the flexibility to hold investments much longer than traditional private equity firms allowing us to help build value and manage through market volatility,” he commented in the statement.

General Atlantic also continues to seek opportunities in Southeast Asia, according to the firm. In December, it promoted Nick Nash from vice president to principal about a year after he moved to Singapore to help launch the firm’s fourth Asian office.

General Atlantic has about $17 billion in assets under management and invests up to $2 billion each year in growth companies globally. Since it opened its Mumbai office in 2002, the firm has invested about $1.2 billion in Indian growth companies, including its most recent deals with Fourcee, a logistics company, and IndusInd Bank, a bank and financial services provider. In India itself it has returned over $1.4 billion to LPs, according to the firm.