CDC Group Plc (formerly the Commonwealth Development Corporation), a development finance institution owned by the UK government and one of the largest investors in India-focused private equity funds, has appointed Graham Wrigley as the new chairman of its board, following a competitive process. Wrigley’s appointment is subject to formal approval from the FCA; he will join the board in October 2013 as a non-executive director and will take up the role as chairman at the start of 2014. He will be succeeding Richard Gillingwater who has been chairman since April 2010.
Wrigley has worked with Permira, one of the world’s largest private equity firms, for 17 years. Prior to that, he served as a chairman of Aureos, an SME-focused investor in emerging markets like Africa, Asia and Latin America that was acquired by Abraaj Capital last year.
He also worked as a director of Cashpor, a microfinance institution which targets the poorest people in India and an associate professor at INSEAD, one of the world’s leading business schools.
Wrigley joins CDC at the time when the company embarks on a new strategy which is focused on making direct investments, both debt and equity, in Africa and South Asia. Till recently CDC has been acting as a fund of funds.
As a part of this strategy, CDC invested $17.5 million in Hyderabad-based Rainbow Hospitals along with Dubai-based private equity investor Abraaj Group last month.
“His considerable experience as a successful investor, helping small enterprises grow into profitable businesses, and his demonstrated commitment to working in developing countries make him the ideal candidate to lead CDC in the implementation of its new strategy,” said UK’s Secretary of State for International Development Justine Greening.
(Edited by Joby Puthuparampil Johnson)