India's Tata Capital names True North partner as CEO

Sabharwal will join Tata in January of next year, replacing current managing director and CEO Praveen Kadle, who will move to another post in the Tata Group. The conglomerate expects Sabharwal's experience with financial services to help as it grows its footprint in the industry.

Sabharwal joined ICICI Bank in 1998 and rose to senior general manager by the time of his departure in 2008 to become an executive director at Sequoia Capital. After a little over a year at Sequoia he returned to ICICI in 2010 and then moved to True North earlier this year.

Tata Capital is currently raising its second Tata Opportunities Fund, a private equity vehicle that invests in Tata Group entities as well as other independent Indian businesses. The fund launched earlier this year with a target of $600 million.

Investments typically cover growth capital and buyout deals and fall in the range of $30-200 million, with Tata Capital mobilizing co-investment for the larger transactions. 

The firm also manages funds focusing on growth capital investment, early-stage deals, healthcare, and special situations. It is raising its second growth and healthcare funds. The first vehicles in these series closed at $240 million and $75 million, respectively.

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• Topics
• South Asia
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• Tata Capital
• True North
• Appointments