London-based Apax Partners has appointed Leo Puri as an advisor at the private equity firm and chairman of its India arm.
Puri comes with nearly three decades of experience in the financial services industry. He has previously held senior roles at UTI Asset Management, McKinsey & Company, and Warburg Pincus in India. He was also previously the chairman of JP Morgan Chase for South and Southeast Asia. He currently sits on the boards of Tata Sons, Hindustan Unilever, and Dr. Reddy’s Labs.
“We are delighted that Leo is joining Apax as an advisor to work closely with our India team. He brings a wealth of experience and local knowledge, and we look forward to working closely with him,” said Andrew Sillitoe, co-chief executive officer of Apax.
Apax India’s operations are currently helmed by Anurag Sud, who took over from Shashank Singh last year. Puri will work with Sud in providing mentorship, strategic advice, operational input, and advice in assessing new investment opportunities, Apax Partners said in a statement Wednesday.
Sud will continue to lead and manage day-to-day operations in India, with support from London-based partner Rohan Haldea.
“Leo has a truly impressive track-record of building and growing global, people-led organisations,” said Haldea. “He will be an asset to our team as we look to continue strengthening our presence in what is, and continues to be, an incredibly exciting market for us.”
The British PE firm, founded in 1969, focuses on both early-stage and mature companies. The firm operates through offices in New York, Hong Kong, Tel Aviv, Mumbai, and Munich, apart from London. It invests in technology, telecommunications, healthcare, retail, consumer goods, and financial services sectors. The firm typically acquires majority stakes in companies, although it has also made minority investments.
Apax’s India was set up in 2006 and has invested about $2.3 billion through the years. Its investments include Global Logic, Zensar, IBS Software, Fractal Analytics, Healthium Medtech, and Apollo Hospitals, among others. The PE firm recently generated more than $90 million in liquidity from its India portfolio, VCCircle reported earlier this week.
