Venture capital firm New Enterprise Associates' (NEA) managing director, Vamesh Chovatia has quit the firm to join Tata Capital's healthcare fund as partner.
Chovatia joined the firm earlier this month after completing a four-year stint at NEA.
NEA confirmed the development; however, Chovatia could not be reached for comments. Tata Capital did not respond to emails. Chovatia’s LinkedIn profile states that he joined Tata Capital's healthcare fund this month.
Chovatia, who holds an MBA from Symbiosis Institute of Business Management, joined NEA in 2011 from Kotak Private Equity when the firm was looking to expand its presence in India with a $200 million allocation. He has over 26 years of experience in the financial space, including exposure to healthcare firms during his stints at Kotak and NEA.
Chovatia joins a string of senior executive moves within the private equity space. In March alone, at least two people quit their jobs and moved within the PE arena. Mahadevan Narayanamoni recently quit Grant Thornton and joined TPG Growth while New Silk Route's Shantanu Nalavadi moved out to supposedly join the Piramal Group.
Last year, Heramb Hajarnavis, director at KKR India, quit to set up his own fund SeaLink Capital Partners. Nishant Verman, vice president at Canaan Partners, also quit with other senior members of the fund. Abhijeet Muzumdar left Bessemer Venture Partners after the firm decided to shift its office to Bangalore and focus on technology and healthcare.
(Edited by Joby Puthuparampil Johnson)