Carlyle loses India managing director

AVCJ understands that Singh will continue to work with Carlyle as a consultant following his official departure, and will also continue to advise select portfolio companies for a period of time. The firm has not named a replacement at this time.

According to local media reports, Singh is planning to launch his own private equity fund focused on India’s middle market with a target of $200-250 million. The new firm will focus on the financial services, healthcare, and consumer sectors.

Singh joined Carlyle in 2008 from Citigroup, where he worked for over 18 years, eventually becoming managing director and head of M&A for India. He is involved with a number of the firm’s financial services portfolio companies, including mortgage lender PNB Housing Finance, which raised INR30 billion ($449 million) in its 2016 IPO, and credit card franchise SBI Card, acquired last year alongside the State Bank of India.

Carlyle is currently expanding its team in India and accelerating its investment pace. The firm has invested $1.9 billion in the country, $750 million of which was deployed in the last three years. Recent transactions include last year’s purchase of healthcare business process outsourcing (BPO) provider Visionary RCM Infotech at a valuation of $65 million.

Last year Carlyle merged its growth and buyout teams for India in order to improve its deal origination process and better leverage its industry expertise in the country. The firm is currently raising its fifth Asia buyout fund, which reached a first close of more than $4.5 billion last year and has a hard cap of $6.5 billion, along with its latest Asia growth fund, which is targeting $1 billion.

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