Shishir Jain, former managing director at domestic mid-market private equity fund CX Partners, has joined Srei Infrastructure Finance Ltd as head of corporate loans, the firm said in a statement.
“Shishir will spearhead the corporate loans business at Srei and will lead the team towards leading a high-yield, distress and special situation business. He brings considerable experience and skills that complement SIFL’s businesses,” it said.
Jain quit CX Partners last month as the PE fund wound up its mezzanine debt fund called CX Intermediate Capital Fund, which was headed by Jain. CX hired Jain in 2011 from JPMorgan Chase where he was an executive director and head, India (principal investment management).
Shishir has over 20 years of experience in structured credit, distressed assets and structured equity. Previously he also worked as head India - global special opportunities group at JP Morgan. At JP Morgan, he handled a portfolio of structured loans and distressed assets and managed more than a dozen exits, returning $400 million, the firm said. Prior to joining JP Morgan, he was part of the debt advisory and restructuring practice at EY.
In November last year, Srei hired Sameer Sawhney as CEO of SIFL. Sawhney was previously regional CEO and managing director (Southeast Asia and India) at ANZ Bank.
Last month, CX Partners wound up its mezzanine debt fund, CX Intermediate Capital Fund, having exited all its investments and returned money to its investors.
The PE firm’s debt financing fund had a poor start and it announced the final close at $70 million in 2014.
The CX Intermediate Capital Fund has made only three investments. It made a debt investment in education firm NSPIRA along with Olympus Capital in January 2016.
In November 2015, the fund provided capital to Agarwal Packers and Movers Ltd which helped the founders buy out Kotak Private Equity.
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