Leading Asia-Pacific focused alternative investment firm PAG has appointed Nikhil Srivastava, Partner and Head of India Private Equity, as Co-Head of PAG’s Private Equity business, effective immediately. Nikhil will also join the firm’s Management Committee, and will work alongside David Wong, Partner and Co-head of PAG Private Equity, to lead PAG’s private equity operations, an official statement said.
Nikhil will succeed Lincoln Pan, Partner and Co-Head of PAG Private Equity, who has accepted a role as Chief Executive Officer of Jardine Matheson Holdings Limited. Lincoln will serve PAG until November this year.
"Nikhil has played a pivotal role in building and scaling PAG’s India private equity platform. He has led several landmark investments, including the acquisition and public listing of Nuvama Wealth Management, and Manjushree Technopack, one of the largest PE transactions in India this year, among others," the announcement added.
Nikhil joined the firm in 2019 after working across India, Singapore, and the United States markets with KKR for nearly a decade. Prior to that, he worked at Goldman Sachs and Inphi Corporation. Nikhil holds an MBA from Harvard Business School, a Master’s in Electrical Engineering from Stanford, and a Bachelor’s in Electrical Engineering from BITS Pilani.
Weijian Shan, Executive Chairman and Co-Founder of PAG, said: “Nikhil assumes this leadership position with an outstanding track record in deal-making, team leadership, and strategic execution, as well as a deep understanding of the region and ability to manage and grow our portfolio companies.”
On April 7, Moneycontrol was the first to report that PAG has engaged investment banks JP Morgan and Morgan Stanley as advisors as firm gears up to exit Nuvama Wealth Management (formerly called Edelweiss Wealth Management) post four years of investment and sell its majority stake.
Other examples of elevations of India heads at rival private equity firms include Anuj Ranjan who became CEO, Private Equity at Brookfield, Amit Dixit who became Head of Asia Private Equity at Blackstone, Vishal Mahadevia who became Head of Asia Private Equity and Co-Head of Global Financial Services at Warburg Pincus and Gaurav Trehan who became Co-Head of KKR Asia Pacific and Head of Asia Private Equity at KKR.
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