TPG Capital, the global private investment firm, has roped in Gunender Kapur on board as a senior advisor to the firm. Kapur will primarily assist TPG on investments in the consumer and retail sectors in India, said a company statement.
Kapur was most recently the president and chief executive officer (CEO) of the food & grocery division of Reliance Retail Limited.
The appointment is important for TPG as the company is bullish on India's domestic consumption story. TPG Capital is the global buyout group of TPG, with around $45 billion of assets under management across a family of funds. It invests primarily in financial services, travel and entertainment, technology, industrials, retail, consumer, media and communications, and healthcare, added the statement.
The fund, which has earlier invested in Shriram Retail Holdings Pvt Ltd (SRHPL) through Shriram City Union Finance, has recently hiked its stake from 42% to 49% by conversion of warrants into equity.
TPG Growth, the other TPG fund which targets small size investments of $30-75 million and operates separately from TPG Capital, is equally upbeat about India. Recently, Varun Kapur, partner at TPG Growth told VCCircle that the fund is upbeat about India's infrastructure and domestic consumption space, and expects the trend remains very strong in the next 5-7 years.
TPG Growth has already made two investments in India. It has invested around $35 million for 10% stake in Greenko Group plc, an independent power producer focusing on clean energy generation, and another Rs 200-crore commitment to KLG Power Ltd, a power system solutions and services firm.
Kapur is an industry veteran with deep understanding of consumption space. Prior to joining Reliance in 2006, he served as chief executive officer and vice chairman of Unilever Nigeria Plc. Before that he worked as executive director of foods at Hindustan Unilever Ltd and senior vice president of foods at Unilever, South Asia.
In India, TPG is based out of Mumbai. It also has strong presence in Asia in countries including China and Singapore.