KKR signs up India financial services veteran as advisor
KKR has appointed K.V. Kamath, described as a pioneer of India's modern financial services sector, as an advisor.
Kamath most recently served as the first president of the New Development Bank, a multilateral bank established by the BRICS nations (Brazil, Russia, India, China, and South Africa). Prior to that, he was chairman of ICICI Bank and Infosys, two of India’s leading companies.
Kamath began his career in ICICI’s project finance division in 1971. While at the company, he led the establishment of several of ICICI’s new businesses and served in a range of general management positions. He then joined the Asian Development Bank in Manila in 1988, returning to India in 1996 when he was appointed managing director and CEO of ICICI, which later merged with ICICI Bank.
Last month, he was appointed chairperson of India’s newly established National Bank for Financing Infrastructure and Development, which was created to support long-term infrastructure financing in the country.
“KKR has consistently demonstrated its strong commitment to India, and the firm today stands out as one of the highest-caliber investors in innovative, market-leading companies in the country and worldwide,” Kamath said in a statement.
It comes less than a year after Sanjay Nayar, who helped establish KKR’s India operations, stepped down as CEO and was replaced by Gaurav Trehan, previously head of India private equity. Trehan was recruited by KKR last year, having previously served as a partner at TPG Capital, where he served on the board of several financial services companies.
KKR invests in India via its pan-Asian flagship funds, the fourth of which closed at $15 billion in April. Around $7 billion has been invested in the country to date across various asset classes.
Recent activity in financial services includes leading a $234 million investment in non-bank lender Five Star Business Finance at a valuation of $1.4 billion via its global impact fund.
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