PJ Nayak to advise Advent International on India biz

PJ Nayak to advise Advent International on India biz

US private equity (PE) firm Advent International Corp. is setting up an office in India and has hired P.J. Nayak, former managing director and chief executive of Axis Bank Ltd, as an operating partner to advise it on Indian investment opportunities.

“Our intention is to open an Indian office in 2010, subject to the appropriate registration," a spokesperson for Advent said in an email on Tuesday.

Advent’s Indian operations, however, will be looked after by Georg Stratenwerth, a managing director with the firm in London.

The firm has also hired Shweta Jalan as a consultant and Mitesh Daga as an assistant director. Jalan was till recently a director with ICICI Venture Funds Management Co. Ltd. Daga was with Zephyr Peacock India. Nayak is the latest banker to join the PE industry. Earlier this year, former Citigroup India chief executive Sanjay Nayar had joined Kohlberg Kravis Roberts and Co. (KKR) as its India head.

Shailendra Bhandari, former CEO of Centurion Bank of Punjab tried his hand at PE by joining Tata Capital Ltd as the head of its PE arm last year. He, however, quit recently.

Founded in 1984 in Boston, US, Advent has since raised $24 billion (Rs1.17 trillion) across funds.

The PE firm is not new to India. In 2007, Advent invested in Computer Age Management Services Ltd, a transaction processing company that offers investor record-keeping services to mutual funds and process outsourcing services to insurance companies.

Advent has dedicated funds for emerging PE markets such as central and eastern Europe and Latin America. It has offices in 15 countries with affiliates in another eight countries. The firm focuses on international buyouts, strategic restructuring opportunities and growth buyouts.

PE funds are keenly looking at emerging markets such as India, China and Brazil as these are some of the markets witnessing rapid economic growth. PE firms KKR, Bain Capital Llc. and Apollo Management Lp. opened their India offices last year.