Singapore state investor Temasek Holdings said on Friday that its India head, Manish Kejriwal, has decided to step down to explore the creation of a new fund in India, the latest in a series of changes in the investment firm's management.
The fund will not be capitalised by Temasek, a source familiar with the matter told Reuters. “Manish is doing his own thing,” the source said.
Kejriwal, the son-in-law of Rahul Bajaj, chairman of Bajaj Auto, is teaming up with Sunish Sharma, managing director of General Atlantic, to start a private equity fund, trade publication VCCircle reported on Friday.
“Kejriwal and Sharma are likely to raise a fund which will focus on large-sized growth deals,” the publication said, citing three sources.
Kejriwal, a fomer Partner at McKinsey & Co, joined Temasek in 2004 and oversaw the firm's investments in India and the financial services sector.
Rohit Sipahimalani will take over from Kejriwal as the head of Temasek India, the company's spokesman, Stephen Forshaw, said.
Chia Song Hwee, formerly chief operating officer at Globalfoundries, will join as co-head of portfolio management at Temasek Holdings, Forshaw said.
In the last few months, a number of senior executives in the company have moved to funds linked to the state investor or have left the company.
Source: Business Standard