KKR-controlled Avendus Capital has hired Dhiren Mehta from its parent private equity firm to head its credit business, a spokesperson for the Indian financial services company said on Monday.
Mehta will join Avendus in the first week of November as managing director for capital strategies, the spokesperson said.
Mehta joined KKR’s structured credit team as a director after a stint with Nomura in India. Prior to that he spent 17 years with Citigroup, as per KKR’s website.
At KKR, he was responsible for sourcing co-investments and fundraising from domestic and international investors and “played a significant role in helping portfolio companies like Magma Fincorp Ltd, Dalmia Cements and Coffee Day Resorts expand their access to the Capital Markets,” the KKR website said.
The Mint newspaper first reported the development earlier in the day. It cited Avendus founder Ranu Vora as saying that Mehta will help build the firm’s alternative investment fund portfolio and strengthen non-banking financial company syndication by playing a key role in raising capital.
KKR had acquired a 70% stake in Avendus last year.
Mehta is joining Avendus at a time when it has been on a recruiting spree for its various business verticals.
Last month, Avendus recruited the entire top management from Ambit Investment Advisors–CEO Andrew Holland along with 11 other members–for its new hedge fund play. The new venture would function under the alternative asset management business. The business would tap opportunities in the debt and equity space for domestic as well foreign investors, Vora told VCCircle at the time.
Ambit Investment Advisors managing director Vaibhav Sanghavi would be co-CEO of Avendus’ new business catering to the hedge funds in the long-only and long-short category, Vora had said.
In June, Avendus Wealth Management appointed Swati Singh as an executive director and head of fixed income. She was recruited from IIFL Wealth Management.
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