By

In another top level exit, JP Morgan's private equity arm managing director Vibhav Panandiker has quit, said sources familiar with the development. 

Panandiker was appointed as an MD to look after JP Morgan's private equity investments in Southeast Asia and India in early 2009. He joined from Standard Chartered Private Equity where he was a director.

It is not known where Panandiker is headed or who will be taking over his position. An email sent to JP Morgan spokespersons remained unanswered at the time of filing this article. VCCircle could not reach Panandiker for comments.

The churn among the top level private equity executives continues in India. JP Morgan Private Capital Asia recently saw another top India hand quit. Dinesh Tiwari, an executive director who was also a former StanChart PE hand, left to join Renuka Ramnath's Multiples Alternate Asset Management. It remains to be seen who will be heading the unit now.

JP Morgan's PE unit had acquired the stake held by Citi's Special Situations in Bharti Infratel late last year.

A former Wipro employee, Panandiker has nearly a decade of investing experience with deals like  Natsteel Limited, Unza Holdings, Sei Woo Technology and Amtek Engineering. He has also worked in areas like e-commerce, commercial banking and software sales & marketing with Standard Chartered Bank, Citibank, Web connection and Wipro Systems.

In 2008, JP Morgan brought in Varun Bery and John Troy, co-founders of TVG Capital Partners Ltd, to head its Asia private equity efforts. JP Morgan also invests from One Equity Partners, which is focused primarily on doing control transactions.

Recent reports had said that Bery has sued JP Morgan claiming damages worth $31 million. Bloomberg reported that Bery has alleged that "the bank fired him without cause and breached a spinout agreement that  allowed him to leave with the private equity team and platform he

managed."

JP Morgan Private Capital Asia is a proprietary fund of JP Morgan $750 million for equity investments across Asia including Japan and Australia. The fund looks to invest between $25 million and $125 million per deal in development capital, acquisition finance and PIPE

opportunities.

JP Morgan also has a $360 million India Property Fund and also closed an Asia-focused infrastructure fund at $858.6 million earlier this year.

Leave Your Comment(s)