General Atlantic has hired former co-head of India at Apax Partners, Sandeep Naik, to head its Mumbai office, according to a company statement. Naik will lead General Atlantic’s investment advisory activity in India, focusing primarily on growth companies.
At Apax, Naik led the firm’s activities in the healthcare, financial services and consumer sectors, including its investment in Apollo Hospitals. Apax invested INR4.3 billion (€61 million; $79 million) in Apollo in 2007 and still held 13.7 percent of the company as of March this year.
“Sandeep’s background, expertise and leadership will be a significant addition to our team and underscores our commitment to this very important geography,” William Ford, chief executive of General Atlantic, said in a statement.
General Atlantic also recently promoted three of its professionals worldwide, including Nick Nash in the Singapore office, Private Equity International reported earlier. Eduardo Samara and Graves Tompkins, were also promoted to principal, based in Sao Paulo and the US respectively.
General Atlantic currently has $17 billion in assets under management. Since opening a Mumbai office in 2002, the firm has invested $1 billion in India-based growth companies, according to the firm. In August this year it also sold Indian business process outsourcing company Genpact to Bain Capital for $1 billion.