Global firms appoint top India deal makers as Asia heads amid deal surge

Firms such as KKR & Co, Blackstone Inc., and more recently Carlyle are expanding the roles of their top executives to oversee the region

Some of the world’s largest private equity (PE) firms and investment banks are sharpening their focus on India, with top Asia leadership now based in the country. Firms such as KKR & Co., Blackstone Inc, and, more recently, Carlyle, are expanding the roles of their senior executives to oversee the region, driven by a surge in major transactions from India.

For example, Amit Dixit, who leads Blackstone PE’s Asia operations, joined the firm in 2007 and has directed various investments in South Asia and global tech-enabled services. He is now based in Mumbai.

Similarly, Gaurav Trehan, who joined KKR & Co. in 2020 from TPG, has rapidly advanced to partner and co-head of KKR Asia-Pacific (APAC). He has also been appointed chief executive officer of KKR India and operates from India.

KKR has also brought Hardik Shah on board as a partner in its APAC infrastructure team, relocating him from Macquarie’s Sydney office to Mumbai. Shah, who previously spent over a decade at Macquarie helping to build their India infrastructure business, will focus on investments in South Asia.

Last week, Carlyle appointed Anuj Poddar to the newly created role of co-head of global portfolio solutions for Asia, with a focus on India and Southeast Asia. Poddar will be based in India.

Analysts suggest that with deal-making in China slowing and a lack of major deals in Southeast Asia, PE firms are promoting their top India leadership to oversee the region by making them Asia heads.

“Almost all global PE funds have had large India offices operating for over a decade. Given the larger opportunity in India compared to other Asian countries, most global PE funds have chosen India heads to manage the region,” said Bhavin Shah, partner and leader of PE and deals at PwC India.

“The choice also reflects the great performance demonstrated through multiple exits with high dollar returns for Indian portfolios. Unlike in the past, when regional leads were often based in Singapore or Hong Kong, these senior professionals now prefer to remain in India for both social and business reasons. It is very encouraging to see Indian talent in leadership positions at Asia and global levels,” Shah added.

A former head of a large PE firm noted that as the Indian economy is set to lead the Asian region, positions for India heads are being redefined as Asia heads, even though most of the work will remain centred in India.

“We have seen several billion-dollar deals in India, either through new investments or exits. It makes sense for PE firms to bring their Asia heads to India, especially as deal activity in China has decreased and Southeast Asia remains relatively quiet,” he said. “Even those based in Singapore often end up working on India deals,” he added.

An analysis of GlobalData Deals Database found that India, Singapore, China, South Korea, and Australia were the top five APAC markets for PE investments from January to August 2024. In the same period last year, China led the rankings, with India in second place. These countries have consistently ranked among the top five over the past two years, despite some fluctuations in their individual standings.

Interestingly, while fresh PE investments in India have slowed since January compared to last year, exits have increased due to very high valuations.