TPG Growth appoints Shailesh Rao as India head
Senior adviser Shailesh Rao’s appointment as TPG Growth India head comes almost a year after Vishwarupe Narain resigned from the private equity fund last October
Mumbai: TPG Growth has appointed its senior adviser Shailesh Rao as India head, two people close to the development said. Rao is expected to take charge on 15 September. A TPG Growth spokesperson declined to comment.
Rao had been brought in for managing the technology portfolio of the PE firm in India, Asia and the US. He has served as senior advisor for TPG Growth for its global impact fund—The Rise Fund. Rao will also be heading The Rise Fund in India and South-East Asia. He has also worked with India-focused PE firm Lighthouse Funds. Prior to this, Rao worked with Twitter Inc. and Google (Alphabet Inc.).
TPG Growth is the mid-market and growth equity investment platform of US-based private equity firm TPG. In July, TPG Growth, along with other investors infused $100 million into Bigtree Entertainment Pvt. Ltd, which owns and operates online entertainment ticketing platform BookMyShow.
An active investor in the Indian consumer space, the firm has a controlling stake in Bengaluru-based Rhea Healthcare Pvt. Ltd, which runs mother and childcare centres in India under the Motherhood brand, surgical equipment maker Sutures India Pvt. Ltd and India-focused cancer treatment chain Cancer Treatment Services International.
Last year, TPG Growth also closed The Rise Fund; the largest impact investment fund raised so far with a total corpus of $2 billion. TPG Growth invested $50 million in Dodla Dairy, through The Rise Fund in March 2017.
“India is our priority...you have some of the most extraordinary talent in the world; 70% of the population now has access to mobile connection and smartphone adoption will increase 400% over the next five years,” TPG Growth founder and managing partner Bill McGlashan had told Mint in an interview last year.
The Rise Fund invests in education, energy, food and agriculture, financial services, growth infrastructure, healthcare and technology firms.
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