Warburg Pincus Expands Footprint in Asia – Names Next Generation of Leaders for the Region Dec 4, 2023
- Min Fang and Ben Zhou to become co-Heads of China Private Equity
- Narendra Ostawal to become Head of India Private Equity
- Saurabh Agarwal to become Head of Southeast Asia Private Equity
- Tak Murata to serve as Head of Japan and co-Head of Asia Real Estate with Ellen Ng
- Vishal Mahadevia promoted to Head of Asia Private Equity
December 4, 2023 - Warburg Pincus, the oldest private equity firm and a leading global growth investor, today announced that it will expand its footprint across Asia Pacific by leveraging its longstanding presence in China, India, and Southeast Asia. As a part of that effort, it has named the next generation of leadership for the region as it seeks to integrate its private equity business across Asia under unified management, mirroring the firm's organizational leadership in the Americas and Europe. Vishal Mahadevia, a 17-year veteran of the firm, will assume the newly created position of Head of Asia Private Equity while retaining his co-Head of Financial Services role.
As one of the earliest investors, with nearly 30 years of investing experience in Asia, Warburg Pincus has committed more than $30 billion in China, India, and more recently in Southeast Asia. As the firm continues to expand its regional footprint in Asia and deepen its sector coverage, Warburg Pincus believes it is the right time to unify the management structure to promote greater collaboration, continuity, and risk management, while further scaling the business and growing its investor base across the region.
"We were the first Private Equity firm to achieve scale in Asia, and we continue to benefit from the transformation of the economy and the rise of the middle class. Over the years, we have built a world class team with decades of experience seizing opportunity and managing risk in the major economies in the region. The strength, maturity, and scale of our business across Asia positions us well to invest successfully as the economy evolves. Next year, we will celebrate our 30th anniversary in China and in Asia as a whole and I am enormously proud of the business we have built over this period," said Chip Kaye, CEO, Warburg Pincus. "Vishal's leadership skills and investment expertise, paired with our long-tenured next generation of investors, are an ideal team to drive the firm's Asia strategy forward," Mr. Kaye continued.
Warburg Pincus recently closed Warburg Pincus Global Growth 14, with $17.3 billion of capital, the largest fundraise in its nearly 60-year history. The capital committed gives Warburg Pincus a large, dedicated pool of capital to pursue a global set of opportunities for investment in growth companies within the firm's key industry sectors. Warburg Pincus also announced in July the promotion of Jeffrey Perlman, previously Head of Southeast Asia and Asia Pacific Real Estate, to President as part of a succession plan for the next generation of leadership at the firm. The elevation of Vishal Mahadevia and the next generation of leadership across China, India, and Southeast Asia are the next steps in that transition.
"Having spent over a decade of my career in Asia, I know first-hand the exciting opportunities for the firm across the region. Our deep track record and unique ability to partner with entrepreneurs to build leading businesses make us a partner of choice in the local markets where we operate," said Jeff Perlman, President, Warburg Pincus. "Our deep domain expertise and thesis-driven approach to investing, coupled with our proven success of creating regional champions in real estate sets us up well to further expand our private equity activities across Asia Pacific. I look forward to working closely with Vishal and the broader Asia private equity leadership on this next chapter," continued Mr. Perlman.
Vishal Mahadevia joined Warburg Pincus in 2006 and was previously Head of India. Commenting on his appointment, Mr. Mahadevia said, "As we continue to evolve the business and drive our next phase of growth, I am privileged to be surrounded by an extraordinary team that collectively has an average of over 15 years of experience with Warburg Pincus. I look forward to executing on our next set of priorities and partnering with our dynamic management teams in the region."
In China, which represents the firm's longest investing record in Asia, Min Fang and Ben Zhou who joined the firm in 2007 and 2005, respectively, will serve as co-Heads of China Private Equity. Since the inception of the China business in 1994, the firm has invested in over 100 companies, cementing itself as one of the leading investors in the market. Warburg Pincus remains very focused on the market especially in core sectors including financial services, healthcare/consumer, and New Economy real estate and others. After more than 20 years with Warburg Pincus, Frank Wei will step down from his current role as Head of China. During Frank's tenure he has played an instrumental role in recruiting and leading our talented team of investors and partnering with entrepreneurs to build leading businesses in China. He will remain as a Managing Director at the firm through 2024 to ensure a seamless transition.
In India, Narendra Ostawal who joined the firm in 2007, has been named Head of India Private Equity. Viraj Sawhney and Anish Saraf who joined the firm in 2005 and 2006, respectively, will both take on expanded roles, as the firm deepens its focus on cross-border business services and industrials activity. Warburg Pincus is one of the pioneers in the private equity sector in India and has invested across 80 companies since its first investment in the country in 1996.
In Singapore, Saurabh Agarwal who joined the firm in 2009, has been appointed Head of Southeast Asia Private Equity. The firm made its first investment in Southeast Asia in 2013 and has emerged as one of the leading investors in the region across Vietnam, Indonesia, the Philippines, and Singapore.
During its past three decades of investing in Asia, Warburg Pincus has been involved in a number of marquee investments and exits, including China Biologic and Beijing Amcare in China, Au SFB and Bharti Airtel in India, and Vincom Retail and Converge in Southeast Asia.
Additionally, the firm previously announced that Takashi Murata will also be joining in early 2024 as Head of Japan, which further extends the firm's footprint across the region, and co-Head of Asia Real Estate, alongside long-time Warburg Pincus veteran Ellen Ng. With Tak's successful investing track record in Japan over the past 25 years, the firm is well-positioned to accelerate both its real estate and private equity investing activities in the market.
Since its founding in 1966, Warburg Pincus has pursued a strategy of thesis-driven growth investing at scale, adding a global component to this strategy nearly four decades ago. The foundation of the firm's investment strategy has always been identifying and partnering with talented entrepreneurs and management teams who are committed to building sustainable companies and who are aligned with our investment teams' specific theses. Warburg Pincus believes this approach positions the firm well for attractive risk-adjusted, long-term returns across economic and capital markets cycles.
About Warburg Pincus
Warburg Pincus LLC is a leading global growth investor. The firm has more than $84 billion in assets under management. The firm's active portfolio of more than 250 companies is highly diversified by stage, sector, and geography. Warburg Pincus is an experienced partner to management teams seeking to build durable companies with sustainable value. Since its founding in 1966, Warburg Pincus has invested more than $113 billion in over 1,000 companies in more than 40 countries across its private equity, real estate, and capital solutions strategies. The firm is headquartered in New York with offices in Amsterdam, Beijing, Berlin, Hong Kong, Houston, London, Luxembourg, Mumbai, Mauritius, San Francisco, São Paulo, Shanghai, and Singapore. For more information, please visit www.warburgpincus.com. Follow us on LinkedIn.
Contact
Americas
Kerrie Cohen | Managing Director, Head of Communications, Americas
T: +1 212 878 9207
E: kerrie.cohen@warburgpincus.com
Asia
Lisa Liang | Senior Vice President, Head of Marketing and Communications, China and Southeast Asia
T: +86 (10) 8529 2508
E: lisa.liang@warburgpincus.com