Q&A: Abhay Havaldar, MD, General Atlantic (India)

'We are looking at investing $2 bn globally in growth companies'

General Atlantic sold 14.6 per cent stake in Patni Computer Systems, which it had acquired in 2002, the year the company opened its India office. Its last investment was in Asian Genco Pte Ltd in 2010 through a club deal, and the last exit was in January 2008 when it sold off its stake in NDTV. Abhay Havaldar, Managing Director, who established GA’s India office, speaks to Reghu Balakrishnan on the company’s strategies in 2011. Edited excerpts:

General Atlantic made an investment in Patni in 2002. Though it made a part-exit earlier, this time it was complete. Do you believe GA received a good return?
We have been investors in Patni since 2002, in consistent with our long-term investment plan. We have been pleased to participate in the growth and success of this highly-regarded company which has been an excellent investment for us and our investors.

Last year, GA made a single investment in Asian Genco through a club deal and no single exit. What was the strategy for 2010?
GA is a global growth company, with investment in five major regions — the US, Latin America, Europe, India and China. We made a significant investment in Asian Genco in India and deployed nearly $2 billion globally. We will continue to look for growth companies by region and by sector.

In 2011 what would be your focus, investments or exits and in which sectors?
We are looking at investing $2 billion globally in growth companies across our six core sectors, including business services and technology, financial services, healthcare, energy and resources, Internet and media and emerging markets consumer.

What would be the preferred exit route for GA in 2011?
We are opportunistic in pursuing investments and in how we ultimately exit our investments. Many of our companies look to become public and we remain investors well after a company goes public.