UK’s development finance investor CDC has appointed Alagappan Murugappan as managing director for its Asia funds team.
He will manage the team responsible for the organisation’s fund investments across its target geography of South Asia, as well as its pre-existing investments in China and South East Asia. He replaces Anubha Shrivastava who left CDC in 2012. In the interim, CDC’s Asia funds team has been led by portfolio director Hiti Singh.
For the last two years Murugappan has been CEO of private equity firm UTI Capital, a subsidiary of UTI AMC, where he managed a fund focused on the Indian infrastructure sector.
Prior to his role at UTI, he was head of investment banking and executive director on the board of ICICI Securities where he was involved in fundraisings of over $10bn through public issues and private placements for clients including the Indian government.
He worked for the private equity firm, Actis from 2004 until 2006 as a principal in its India office
CDC is one of the largest LP investors in Indian private equity with over $680m invested, and $1.1bn committed.
CDC chief executive Diana Noble said, “Our new strategy means we have more ways than ever of getting capital into businesses in South Asia, including by investing directly. However, we remain committed to supporting funds investment in the region.
“CDC is one of the largest, long-term private equity investors in South Asia and despite India’s recent economic difficulties we will continue to back new and existing fund managers in the market. Our focus is on businesses that are commercially successful and have a powerful development impact through the creation of jobs. Muru’s expertise, knowledge of the market and relationships will enable CDC to continue to support funds aligned to our mission.”
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