Vishwarupe Narain, who joined TPG Growth in 2007 and was elevated as a partner four years ago, is leaving the growth-equity investment platform of leveraged-buyout group TPG to pursue new opportunities.
“We appreciate his hard work, wish him the best of luck, and look forward to continuing to invest behind our team and great opportunities in India,” a TPG spokesperson said.
TPG had last year merged its growth and buyout business units in India. TPG Growth looks after growth-equity investments while the buyout team chases control deal and larger private equity transactions. Puneet Bhatia, who leads the buyouts team in India, is the overall head.
The Economic Times first reported Narain’s exit earlier in the day.
Prior to joining TPG Growth, Narain worked with consulting firms Deloitte and McKinsey, and global venture capital firm Bessemer Venture Partners. He is a graduate of Indian Institute of Technology Delhi and Stanford University.
TPG Growth, which has assets under management of over $8.3 billion, has been actively investing in India. Its recent bets include budget sports shoe brand Campus, mother-and child-care hospitals chain Motherhood and oncology services provider Cancer Treatment Services International.
Separately, TPG said in a statement it has hired Shailesh Rao, a former senior executive at social network Twitter, as a senior adviser. He will advise The Rise Fund and will also focus on TPG Growth’s technology portfolio in India, Asia and the Americas, the statement said.
“His (Rao’s) knowledge of the Indian market, paired with his ability to strategically grow global technology companies, will be a significant asset,” said Bill McGlashan, founder and managing partner of TPG Growth and co-founder and CEO of The Rise Fund.
Rao has nearly 20 years of experience at some of the world’s most prominent technology companies. During his four years at Twitter, Rao expanded its network, revenue and user base in Asia Pacific, Latin America and emerging markets.
Prior to joining Twitter in 2012, Rao served as managing director at Google India, where he oversaw the company’s domestic operations and strategic partnerships.
“The Rise Fund’s rigor around financial and impact measures has the potential to revolutionize the industry,” said Rao.
Last week, TPG had said it raised a record $2 billion (Rs 13,071 crore) for The Rise Fund, which has backed two Indian companies.
The impact fund’s debut investment in India was in Hyderabad-headquartered Dodla Dairy Ltd, wherein it had pumped in Rs 321 crore, to mark the largest private equity deal in the dairy sector.
The Rise Fund made its second investment in India last month when it backed Mumbai-based school management services provider Leadership Boulevard Pvt. Ltd.