US buyout giant TPG Capital has restructured its emerging markets team with appointment of new boss for Eastern Europe, India, China and South-East Asia. The changes in management have been made due to the poor performance in these markets, reports Financial Times.
TPG's Moscow office chief Stephen Peel has been appointed as new Asia head and would be moving to the Hong Kong office. Peel would be replacing Dan Carroll, who has returned to the US. Peel, who would be replaced by Geoffrey Fink from TPG's Israel office, last year made Russia's biggest private equity investment paying $800 million for a 50% stake in pharma distribution firm SIA International.
But TPG has been increasingly getting active in the Indian private equity space. It invested Rs 805.61 crore in South India-based Shriram Group's retail finance venture Shriram Retail Holdings for a majority stake last year. It has also been scouting deals in other major Indian corporates like Kingfisher Airlines, realty major DLF and wind turbine maker Suzlon Energy. TPG has also raised a $4 billion Asia fund.