AVCJ

Everstone managing director Atul Phull departs

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Atul Phull, a managing director at Everstone Group primarily responsible for fundraising, has left the India-focused GP after seven years.

Phull’s replacement has not been named. AVCJ understands his departure was prompted by a desire to pursue entrepreneurial opportunities.

Phull joined Everstone in 2011 as vice president of business development and was picked to head the department in 2016. Previously, he worked in a similar capacity for Guggenheim India, following stints at Credit Suisse and ICICI Venture. During his tenure Everstone has expanded its business development team to include offices in New York, London, and Singapore, reflecting a desire to be closer to its international investors.

Everstone is currently investing its third fund, which closed in 2015 at $730 million. The firm focuses on Indian and overseas businesses that benefit from rising Indian domestic consumption, pursuing control and growth capital deals. Investments from the fund include home appliance maker Kenstar, purchased from the Videocon Group last year, and Malaysia-based medical equipment maker Chemopharm.

The GP has also been chosen by the governments of India and the UK to co-manage the Green Growth Equity Fund (GGEF) along with Lightsource BP. GGEF is intended to invest up to GBP500 million ($710 million) in sustainable infrastructure projects in India.

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