Future Lifestyle backer L Catterton hires Khazanah exec to head Asian funds

By Narinder Kapur

  • 07 Aug 2019
Credit: Thinkstock

United States-based private equity firm L Catterton has appointed a new co-managing partner and head of its Asia funds, it said in a statement on Tuesday.

Chinta Bhagat, who previously worked at Khazanah Nasional Berhad, the sovereign wealth fund of Malaysia, will jointly lead the firm’s Asia platform along with co-managing partner Ravi Thakran. The appointment will be effective from 30 August.

The statement said Bhagat will work closely with the firm’s Asia management team to institutionalise its practices as well as identify investment opportunities and sharpen its portfolio management capabilities. L Catterton says it will also leverage Bhagat’s experience in healthcare for existing and potential investments.

“I am excited to contribute broadly to the firm's consumer healthcare capabilities and look forward to partnering with Thakran to make the Asia funds the premier private equity platform in the region,” Bhagat said.

L Catterton global co-chief executive officer J Michael Chu said the firm was confident of its appointment because of Bhagat’s experience and extensive network. Co-chief executive officer Scott Dahnke added that Bhagat’s hiring was a key building block for the Connecticut-based firm’s Asia strategy.

Bhagat worked at Khazanah Nasional Berhad for over four years, acting as the sovereign wealth fund’s head of private markets for South Asia and the head of its global healthcare portfolio.

Prior to that, he spent 14 years at McKinsey & Company, serving in several positions, including as managing partner of its Singapore office. According to his LinkedIn page, he also sits on the board of several companies, including Fortis Healthcare, IDFC Ltd, and DaVita Inc.

L Catterton

Bhagat is the second managing partner hire made by L Catterton this year. In June, it announced the appointment of Luigi Feola as managing partner and head of its European funds.

L Catterton has over $15 billion of equity capital across six funds in 17 offices around the world. The firm says it has made over 250 investments since its inception in 1989.

In June, L Catterton Asia, which is headquartered in Singapore, raised $1.28 billion (Rs 8,858 crore) for its new investment vehicle, according to a filing with the US Securities and Exchange Commission (SEC). That is more than the $1.25 billion it had set out to raise while floating the fund two years ago.

Last year, L Catterton invested nearly $125 million in Future Lifestyle Fashions Ltd, which is part of the Kishore Biyani-led Future Group.

Before that, it had put money in Riyal Amlani-led restaurant chain operator Impresario Entertainment and Hospitality Pvt. Ltd.

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