India's IL&FS PE unit loses CEO

Kumar, who helped establish the division in 1995, was appointed CEO in 2017 after the departure of predecessor Archana Hingorani. He was also the co-CEO of the Standard Chartered IL&FS Asia Infrastructure Growth Fund, a $660 million investment vehicle jointly managed by IL&FS and Standard Chartered. His departure was disclosed in a regulatory filing last week.

IIML is India’s only publicly-listed private equity firm. Over the past three decades, it made investments in real estate and infrastructure companies and provided growth equity to corporates through 14 different funds. According to the firm’s website, it is currently investing Tara India Fund IV, a $60 million vehicle that closed in 2016. IILM has also invested in private infrastructure debt through a subsidiary. According to its most recent financial report, it was in the process of closing five different funds as of July 2019.

IL&FS, the parent firm that lends primarily to real estate developers, is currently under administrative control after defaulting on a series of loans due to a worsening loan book. It sought to sell IILM in 2018, according to IL&FS regulatory filings.

In its most recent quarterly report, IILM reported a net loss of INR64.2 million ($8.4 million) for the nine months ending in December 2019. Revenue for the same period fell by 54% to INR3.5 billion compared to the previous year.

Following Kumar’s exit, IILM's sole managing partner is Mark Silgardo, formerly the head of Kotak Mahindra Capital, the investment banking subsidiary of the Indian bank of the same name.  

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• Topics
• South Asia
• People
• GPs
• India
• IL&FS Investment Managers
• Appointments