TPG partner set to lead KKR's India PE business

The move was first reported by The Economic Times. It has since been confirmed to AVCJ by a source familiar with the situation. KKR declined to comment on the matter.

Trehan has been a partner at TPG since 2004, having previously worked for Morgan Stanley in the US, focusing on technology sector M&A and restructuring. At TPG, he was a board member of portfolio companies such as Ess Kay Fincorp, Five-Star Business Finance, Jana Capital, Manipal Health Enterprises, Shriram General Insurance, Shriram Life Insurance, and Union Bank of Colombo.  

At KKR, he would succeed Heramb Hajarnavis, who left the firm in 2014 to found Sealink Partners, which closed a $315 million fund four years later. Sanjay Nayar, CEO of KKR’s India unit, currently leads India operations for the private equity firm. 

KKR is currently raising its fourth flagship pan-Asian PE fund, which has a target of $12.5 billion. Last September, the firm appointed Hiro Harano and Ashish Shastry, who lead operations in Japan and Southeast Asia, respectively, as co-heads of private equity across the region. An Asia growth-stage technology vehicle is also being prepared. In March, Lucian Schöenefelder was named head of Asia technology investments.

KKR's India private equity portfolio includes tower operator Bharti Infratel, life insurer Max Financial Services, education services provider EuroKids International and Indian hospital operator Radiant Life Care. In recent months, the firm's infrastructure division has also been busy - it has acquired solar energy assets from Shapoorji Pallonji Infrastructure Capital while India Grid Trust, a KKR-backed infrastructure investment trust, has acquired several transmission assets.

KKR’s three flagship private equity funds – including its third Asian vehicle – were down 6% in the first quarter due to the debilitating impact of COVID-19 on the global economy. The overall private equity portfolio fell 12%. KKR co-president and co-COO Scott Nuttall has said that the GP’s significant exposure to a recovering Asia is expected to lend strength to the firm’s overall prospects for the near term. 

According to Bloomberg, The Carlyle Group is also looking for a co-head to manage its India operations.

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