KKR India PE head quits

The firm has lost Heramb Hajarnavis as he sets out to launch his own independent fund

Kohlberg Kravis Roberts’ head of Indian private equity Heramb Hajarnavis has left the firm, a source close to the matter confirmed to Private Equity International.  

Hajarnavis plans to launch his own private equity fund, local reports have said, having joined KKR in 2010 after serving as a managing director at Goldman Sachs. 

Hajarnavis joined to support chief executive of Sanjay Nayar in growing the firm’s business in India from its Mumbai office.

While KKR has been active in India recently, many of its activities have been in the debt space using its non-banking financial company, rather than its $6 billion Asia Fund II.

In February, the NBFC invested $100 million in Indian conglomerate Avantha Group – its third investment in the business, having already put in $125 million over two tranches since 2010. The firm also invested in Apollo Hospitals in India in October last year, providing the company with a $90 million convertible loan, PEI reported earlier.

However, KKR has also used funds from its private equity vehicle to invest in the country, its $200 million agreement to buy a minority stake in Gland Pharma, an Indian pharmaceutical company, in November last year marking the fourth investment from its Asia fund.

KKR has had success in China recently, too, this week securing a full exit of Modern Dairy, the final tranche selling for about $80 million. In May, the firm had made a partial exit of the business reaping a 2.9x return, after paying $150 million for a 34.5 percent stake in 2008.