Warburg Pincus names India boss Vishal Mahadevia as Asia PE head

The latest appointments at Warburg Pincus come at a crucial time for private equity funds as they seek new strategies in the current interest rate cycle. (Representative image)

Warburg Pincus on December 4 appointed India chief Vishal Mahadevia the head of Asia private equity, a newly created position, as veteran China head Frank Wei steps down amid an Asia-wide reshuffle at the US investment firm.

Mahadevia, a 17-year veteran of the firm, would take over the new position while retaining his co-head of financial services role as part of the leadership reshuffle in Asia, where it appointed new leaders for markets, including China and India, the PE firm said in a statement.

"As the firm continues to expand its regional footprint in Asia and deepen its sector coverage, Warburg Pincus believes it is the right time to unify the management structure to promote greater collaboration, continuity, and risk management, while further scaling the business and growing its investor base across the region," it added.

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Mahadevia's "leadership skills and investment expertise, paired with our long-tenured next generation of investors, are an ideal team to drive the firm's Asia strategy forward", Warburg CEO Chip Kaye said in the statement.

In India, Narendra Ostawal, who joined the firm in 2007, will lead private equity. Viraj Sawhney and Anish Saraf who joined the firm in 2005 and 2006, will both take on expanded roles, as the firm deepens its focus on cross-border business services and industrials activity.

In China, Wei, who has worked at Warburg Pincus for over two decades, would step down from his current role but remain a managing director at the firm through 2024 to ensure a "seamless transition".

Partners Min Fang and Ben Zhou, who joined the firm in 2007 and 2005, would become co-heads of China private equity to lead the firm's investments in the world's second-largest economy, where it has a nearly 30-year presence.

In Singapore, Saurabh Agarwal who joined the firm in 2009, has been appointed Head of Southeast Asia Private Equity.

Warburg Pincus also said Takashi Murata, a former Goldman Sachs veteran, will join in early 2024 as head of Japan and co-head of Asia real estate, alongside Ellen Ng as it seeks to bolster its business in the developed markets in the region and beef up its real restate and private equity investments in the country.

These appointments come at a crucial time for private equity funds as they seek new strategies in the current interest rate cycle.

The US investment heavyweight said in November it raised $17.3 billion for its latest global flagship private equity fund, the largest in its nearly 60-year history.

Founded in 1996, Warburg has more than $84 billion in assets under management and its portfolio spans more than 250 companies.