MC EXCLUSIVE Top-deck exit at Apollo Global Management; Utsav Baijal steps down, headed to Bain Capital

Utsav Baijal, Partner and India Head of Private Equity at Apollo Global Management (Photo: Forbes India)

Utsav Baijal, Partner and India Head of Private Equity at Apollo Global Management has stepped down after a stint of 17 years and is likely to join rival Bain Capital India in a key, leadership role , multiple industry sources in the know told Moneycontrol.

"Baijal has quit recently and is expected to join Bain Capital soon and lead their special situations strategy," said one of the persons above.

Incidentally, prior to the long stint at Apollo Global Management, Baijal began his investing career at Bain Capital LLC for a little under 3 years, as per his Linkedin profile.

He started his career as a management consultant with McKinsey & Co. across the New Delhi and Hong Kong offices and was one of the founding members of the firm’s corporate finance practice in India, according to the Apollo Global Management website.

Three other persons confirmed Baijal's proposed move and one of them added that Bain Capital is "very serious" about the Asia opportunity and the region as a focus area.

" They have an Asia fund for special situations which also covers real estate and they are also building a credit business," a fifth person elaborated.

Incidentally, David Gross, Bain Capital's Co-Managing Partner, is also the Managing Partner for Asia. Barnaby Lions, the Global Head of Special Situations is also the firm's Head of Credit in Asia.

All the five persons above spoke to Moneycontrol on the condition of anonymity.

An email query to Apollo Global Management was left unanswered at the time of publishing this article. When contacted, Bain Capital declined to comment while Baijal was unavailable for comment

Baijal has served on the board of directors of JSW Cement, Hero FinCorp, IGT Solutions, Clix Capital and Dish TV. An alumnus of St. Stephen’s College and Indian Institute of Management, Ahmedabad, the private equity veteran is also an Aspen Fellow, the Apollo Global Management website adds.

During his tenure, Apollo Global Management has bet on IPO-bound JSW Cement and HeroFinCorp as well as InterGlobe Technologies, Monnet Ispat , Mytrah Energy and Avantha Holdings via Aion Capital ( a JV with ICICI Ventures). Recently, an Apollo-led investor group sealed a $750 mn with Adani's Mumbai Airport, one of the largest private credit deals in India.

On April 2, Moneycontrol reported that Apollo Global Management had shortlisted 4 investment banks as advisors as the global private equity giant prepares to list the India arm of its portfolio firm, US-based auto component maker Tenneco Inc.

In 2016, Piramal Enterprises Limited and Bain Capital Credit joined hands to create a strategic partnership to invest in restructuring situations in India. The platform named India Resurgent Fund ( IRF) has bet on firms like Archean Chemicals, the API business of Ind-Swift Labs and Social, Smoke House Deli operator Impresario Entertainment and Hospitality Private Limited.