CDC hires UTI Capital's Murugappan for Asia funds team

Murugappan, who will join CDC in October, replaces Anubha Shrivastava who left the firm last year. Murugappan will manage the team responsible for the organization's fund investments across South Asia, as well as its pre-existing investments in China and Southeast Asia.

Before UTI Capital, Murugappan was head of investment banking and executive director with ICICI Securities where he was involved in fundraisings of over $10 billion through public issues and private placements for clients including the Indian government.

Murugappan also worked at Actis from 2004 until 2006 as a principal in its India office. He helped raise Actis' first third-party fund, working on deal generation and execution.

The appointment comes as CDC shifts its focus away from fund-of-fund investments across Asia and Africa to focus only on South Asia and sub-Saharan Africa. CDC is one of the largest LP investors in Indian private equity with over $680 million invested and $1.1 billion committed.

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