Mumbai: Joseph Landy is stepping aside from his role of co-chief executive of American private equity major Warburg Pincus, after two decades of managing one of the most renowned private equity firms.
Established more than 50 years ago, Warburg Pincus has invested more than $77 billion in more than 870 companies in over 40 countries around the world. The firm established its first institutional fund in 1971
Landy will transition out of the co-CEO role over the next year, reported Bloomberg, citing an unnamed source.
Charles Kaye, co-chief executive and Landy's partner, will take over as the sole CEO of the PE firm, while former US Treasury secretary Timothy Geithner will continue to remain the firm's President, Bloomberg reported.
This is only the second management transition at the top of the PE firm. Landy and Kaye took over the reins of the growth investment and leveraged buy-out firm in 2000, after its founders Lionel Pincus and John Vogelstein stepped down.
Warburg Pincus raised $14.8 billion in 2018 for its flagship fund Warburg Pincus Global Growth. Easier this year it raised $4.25 billion for its China Southeast Asia II fund.
Closer home, Warburg witnessed a similar management transition in early 2018, when Warburg's India co-head Niten Malhan stepped down to set up his own investment firm. Since then, Vishal Mahadevia has been heading the firm's investment activity in India as the sole head.
India has been a major investment destination for Warburg, being one of the earliest global PE firms to invest in India. Warburg's investment in telecom company Bharti Airtel in 1999 was one of the earliest successful PE transactions in the country.
In recent times, the firm has made several large investments across sectors ranging from insurance, microfinance, logistics, education financing and real estate.
In March, Warburg Pincus announced that it had entered into an agreement to acquire an 80% stake in education financing company Avanse Financial Services Ltd from Wadhavan Global Capital group.
Warburg's other recent investments in India include leading a $65 million round in logistics startup Rivigo, a $200 million commitment to set up a shopping mall platform with realtor Runwal Group and a plan to jointly invest Rs3,000 crore with Lemon Tree Hotels to develop student housing and co-living spaces.