In a large scale organisational rejig, Everstone Capital, an India-focused investment manager with private equity and real estate funds, has promoted nine of its employees to the position of managing director and also re-allocated some responsibilities for key senior people.
Abhijit Malkani, Aloke Bhuniya, Rahul Nair and Deep Mishra – four executive directors for the investment management firm’s real estate division – have been promoted to the position of MDs. Also, Joanna D’Souza (president, leasing) has been promoted to the post of managing director.
In a management overhaul, Jason Breemen (head of business development), Kazi Zaman (executive director and part of the senior private equity team), Pankaj Thapar (head of corporate finance and M&A) and Ashutosh Lavakare (chief financial officer) have been promoted as MDs earlier today.
Some relocations have been effected by the firm as well. Kazi Zaman will relocate to Bengaluru and lead PE investments in the south. Similarly, Deep Mishra is made responsible for PE investments in the north and east while Dimple Sanghi will head it in western India. In addition, Sanghi will oversee all consumer-centric investments nationally. Some additional team members will also relocate from Mumbai to Everstone’s Delhi and Bengaluru offices accordingly. Amit Manocha and Jason Breemen will relocate to Everstone’s Singapore headquarters as well.
Dhanpal Jhaveri has been appointed partner and CEO for Everstone India. In addition, he will continue to lead investments in the infrastructure and industrial space.
Internal promotion is not a new trend in the firm. Last year, Everstone promoted four people to Partner status – Jaspal Singh Sabharwal, Shishir Baijal, Dhanpal Jhaveri and PM Devaiah.
This rejig in the team comes close to Everstone Capital raising its second fund, Everstone Capital Partners II, at $550 million.
According to the LPs, internal promotions form a part of the culture of an organisation and the kind of institution one is trying to build. In words of an LP who did not wish to be quoted, “It’s all about a culture of an organisation. Often, PE firms find it easier to look outside of their firms than look internally, which leads to attrition and contributes to the high spin-offs that we are seeing in the Indian PE environment.”
There are other PE firms which are reaffirming their faith in the existing teams and promoting them, as that will help retain and incentivise the staff. Recently, Delhi-based private equity firm Avigo Capital Partners has elevated S. Harikrishnan as general partner (GP) of the firm. Also, Bessemer Venture Partners recently promoted Siddharth Nautiyal as a partner at its Mumbai office while BCP Advisors recently made some promotions internally.
Everstone was co-founded by Sameer Sain and Atul Kapur who remain the firm’s managing partners. The firm, which has about $1.6 billion of assets under management with 110 employees and five offices, is essentially building its private equity franchise more like an institution in India.
Till now, it has invested in close to a dozen companies from its first fund. Some of its portfolio companies include Tikona Digital Networks Pvt Ltd (Alternative Carriers), $30 million into Pan India Food Solutions (Restaurants), $15 million into Percept Ltd, $27.2 million in Centrum Capital Ltd (investment banking), $25 million into Interarch Building (Building Products), $25 million into Regen Powertech Pvt Ltd (heavy electrical equipment) and $12.5 million into Nashik Vintners Pvt Ltd (Distillers & Vintners), among others.
In terms of its exits, the fund recently sold its stake in Lilliput Kidswear in a secondary transaction to Bain Capital Advisors India Pvt Ltd and TPG Capital Inc. Its other portfolio company Capital Foods Ltd also got acquired.