Shailesh Dash, managing partner and head of Global Capital Management, the private equity arm of Kuwait-based Global Investment House, has resigned, a spokesperson for the firm has confirmed.
Dash, who has been at the firm since 2000 and helped found its private equity operations, will leave “to pursue other interests and seek fresh challenges”, the spokesperson said, adding that he leaves “with the firm’s best wishes”. The exact date of Dash’s departure has not been disclosed.
Hany Shawky, currently vice president of asset management at GIH, will replace Dash as acting head of private equity. Shawky has been with the firm since 2004.
The spokesperson said the decision on a permanent replacement for Dash had yet to be made.
Shawky sits on the investment committees of the firm’s Global Opportunistic Funds I and II and Global Private Equity Fund. He has the support of the private equity team behind him in taking on his new role, the GIH spokesperson said.
GIH formed its private equity team in 2005. Today, the 50-strong private equity team manages around $3.2 billion across five private equity funds: Global Private Equity Fund, Global Opportunistic Fund, Global Opportunistic Fund II, Global Buyout Fund and Global MENA Financial Assets. Since inception, it has invested over $1.5 billion in 55 transactions across 11 sectors in the Middle East and North Africa, Turkey, South Asia & China.
Global Capital Management is not the only Middle Eastern private equity firm to see changes at the top recently. In the past year, firms including Rasmala Investments, SHUAA Capital, Dubai International Capital, NBK Capital, and AD Invest have all seen management reshuffles.
Most recently, Rasmala Investments appointed Michael Kidd as head of its private equity division. It is presumed Kidd replaces Ibrahim Saad, who joined the firm in February this year but was no longer listed in the firm’s executive summary in September. Kidd joined the firm from Intaj Capital, a mid-cap focused private equity fund run by Swicorp.