Leading Middle East based private equity fund Evolvence Capital has set up on the ground presence in India, and has announced the appointment of a new team of investment and advisory professionals for its India operations.
The team will be led by Ashok Ramaswami who joins Evolvence from Blumberg Capital in the United States where he led investments across the firm's portfolio. He was also a lead manager of investments in emerging businesses at Cisco Systems where he was involved in the formation of five new business units projected to generate over $1 billion in revenues for the company, a release from Evolvence Capital said.
He also spent time at the Investment Banking division of Deutsche Bank Securities, where he had overall responsibility for M&A, corporate finance, and other capital market activities across various sectors. Ramaswami will be responsible for the development of Evolvence’s investment strategy across India, the release said.
Khaled Al Muhairy, Chief Executive Officer of Evolvence Capital, said: "“India is an important market for us. We have long understood that in order to be successful in any market, it is vital to have an on-the-ground presence.”
Ramaswami said: “Evolvence Capital has an excellent track record in the Middle East and South Asia with an established regional network. India presents excellent opportunities and I look forward to leading Evolvence’s development in the country.”
Ramaswami holds an MBA from Harvard Business School, Masters degrees from Stanford University School of Engineering, California, and a Bachelor’s degree in Computer Science from the National Institute of Technology, India.
Founded in 2000, Evolvence Capital manages assets of approximately $1 billion across three core asset classes of private equity, real estate and alternative capital markets. In India, it has sponsored two funds so far: Delhi-based fund of funds business Evolvence India, which has invested in several India focused PE funds; and Hyderabad based Evolvence India LifeSceinces Fund, a $90 million fund focused on investing in Indian healthcare sector.