PAG Expands in India, Picks KKR Vet to Head PE Business

Hong Kong-based private equity heavyweight PAG has expanded its operations in India, including bringing on board a KKR veteran to help direct its buyout business in the country, according to an announcement this week by the firm.

Nikhil Srivastava, who previously spent ten years at KKR is joining PAG this quarter as Managing Director and head of India private equity, the company said in a statement. Srivastava resigned from his position at KKR in December, according to public records, where he had served as head of the firm’s special situations and healthcare services private equity group in India.

PAG reached a $6 billion final closing on its third Asia buyout fund, PAG Asia III, in December 2018.

Shan Recruits Team for India Expansion

“PAG has been actively seeking major investment opportunities in India. We believe in the potential of the Indian market. We’re pleased to work with a proven dealmaker like Nikhil with deep local and international experience, and look forward to increasing our investment activities in India,” PAG CEO Weijian Shan said.

Shan’s company, which also has extensive operations in Japan, was already reported to be making plans to ramp up its India presence by the middle of last year, according to accounts in India business news site Live Mint at the time. The press reports indicated that company was recruiting potential team members and the distressed assets space was said to be of particular interest.

Setting Up in Mumbai

“I’m looking forward to joining PAG to help further develop the firm’s investment business in India,” Srivastava said. “The Indian market is in the early phase of a long term growth cycle.”

In his new role the Harvard MBA will continue to be based in Mumbai, where he will focus on leading the efforts of PAG’s buyout strategy, according to the statement.

Records made available by India market data provider VCCEdge indicate that PAG invested in Indian non-bank financial company Asia Pragati Capfin in 2010 and is said to have had a relationship with Mumbai-based investment advisory firm Arpwood Capital.

In response to inquiries from Mingtiandi regarding its plans for India, PAG representatives declined to comment beyond the published statement.