Goldman reshuffles Asian private equity chiefs

Ankur Sahu will transfer from Tokyo to Mumbai, where he will focus on investments in India as well as Japan.

Goldman Sachs has transferred managing director Ankur Sahu to Mumbai, where he will lead the firm’s private equity interests in India in addition to managing operations in Japan, a Goldman Sachs spokesperson has confirmed.

Sahu will continue to co-head the firm's operations in Asia alongside his colleague Andrew Wolff, who leads the firm's operations in China from Hong Kong.

Sahu had previously been focusing on transactions in Japan while the firm's expansion in India had been led “locally and from New York”, the spokesperson said. The re-assignment come as part of a reshuffle to “bring a greater degree of cohesion” to the firm's private equity team, the spokesperson added.

Both Sahu and Wolff report to Henry Cornell, a Hong Kong- and Tokyo-based partner at Goldman Sachs, and a managing director in the firm's Principal Investment Area.

Goldman Sachs, through its private equity arm GS Capital Partners, is currently investing from GS Capital Partners VI, a $20.3 billion global fund which closed in 2007. Companies in the firm's Indian portfolio include conglomerate Max India, which received a $115 million backing from the Wall Street giant at the beginning of last year.

In January the firm released a 63-page report disclosing new measures on how its private equity holdings are reported to authorities as well as steps to confront potential conflicts of interest in its operations.

Under the changes Goldman will report its private equity interests, currently classified under “Trading and Principal Investments”, to the newly created “Investing and Lending” division.

To minimise potential conflicts of interest, the bank also said it would cease acting as the sole financing source for acquisitions made by the group’s private equity arm, ranked in last year’s PEI 300 as the world’s largest with $55 billion in capital raised over the past five years.

The proposals stem from an eight-month review of the investment bank’s business standards and practices. The self-assessment came weeks after the US Securities and Exchange Commission charged the bank with defrauding investors over investments tied to the subprime mortgage crisis. Goldman later paid $550 million to the SEC in a settlement.