ICICI Venture rejigs top management

A major re-shuffle in the Indian private equity firm’s management continues following the departure of former head Renuka Ramnath in April.

ICICI Venture, a Mumbai-based private equity and real estate firm, has hired Parth Gandhi and Prashant Purkar as presidents for its private equity investment team.

Gandhi joins the firm from Navigator Capital Advisor, an advisory firm providing services to private equity and hedge funds, while Purker was managing director and head of global finance for Nomura India and Lehman Brothers India.

Their appointments follow the internal promotions of Jayanta Banerjee, KS Jangbahadur and Sumit Chandwani to presidents. The firm now has 26 professionals on its private equity team including five presidents.

Their operations are overseen by Vishakha Mulye, who heads the firm, and Rajeev Bakshi, the joint managing director. Mulye, the former executive director of ICICI Lombard General Insurance, took over as the managing director and chief executive officer of ICICI Venture following Renuka Ramnath’s resignation from the firm in April earlier this year.  

Separately, India-focused blog VCCircle reported that Shailesh Pathak, one of the senior directors at the firm, has left. Pathak was in charge of infrastructure investments at ICICI Venture, the report noted, and is believed to be joining an infrastructure-focused fund.

Earlier in the year, Sudhir Variyar, who led the financial services and energy sector investments for ICICI Venture, quit the firm to join Ramnath in her new private equity veture, Multiples Alternate Asset Management.

ICICI Venture is currently in the market for a $1.2 billion private equity fund. The firm could not be reached by press time.