Malaysia’s sovereign wealth fund Khazanah Nasional Berhad will lose its head of investments and executive director, Datuk Ganen Sarvananthan, to TPG Capital when his contract term ends in April, according to an internal memo obtained by Private Equity International.
Sarvananthan will join the private equity firm in Singapore, where he will be involved in Southeast Asia activities.
Dominic Silva, executive director of investments, will assume Khazanah’s head of investments position, effective on 1 February 2014. Silva joined the firm in 2008 and is a board member of CIMB Bank and IDFC India among other institutions.
Zaida Khalida Shaari, current director of investments, will be promoted to executive director and will be joined by Ahmad Zulqarnain Onn, who will join Khazanah on 1 May 2014 as executive director from Danajamin Nasional Berhad where he is currently chief executive.
“In his tenth year with Khazanah, we are particularly appreciative that [Sarvananthan] has devoted the largest part of his career to date with us, and on behalf of Khazanah, we bid him our most sincere thanks,” Tan Sri Dato’ Azman Hj. Mokhtar, managing director at Khazanah, said in a statement.
Sarvananthan joins TPG's Asia team as the firm reshuffles management and continues to raise its $3.5 billion pan-Asia vehicle.
“We are pleased to announce that Ganen Sarvananthan will be joining TPG Capital as a partner in our Singapore office. Given his many years in the region, Ganen will bring significant SEA investment experience, relationships and understanding of the marketplace to our Asia franchise,” the TPG memo said.
TPG has struggled to raise its sixth fund for the region. Other firms such as Kohlberg Kravis Roberts and Affinity Equity Partners have comparatively quickly collected commitments of $6 billion and $3.8 billion respectively.
The difficulties are likely what have sparked a set of key changes in its Asia team.
In November, TPG revealed it will relocate senior partner Tim Dattels from the firm’s San Francisco headquarters to Hong Kong where he will become co-head of Asia, a spokeswoman for the firm told PEI earlier.
Dattels will move over the Chinese New Year, which falls on 31 January in 2014, with his appointment effective following the holiday. He joins Ben Gray as co-head, who is based in Singapore and also serves as managing partner in Korea, Japan, Australia and Southeast Asia.