Mintoo Bhandari, the India head of NYSE-listed alternative assets manager Apollo Global Management, is moving to a senior advisory role within the firm, a person familiar with the development told VCCircle.
The Economic Times, which reported the development earlier on Wednesday, said Bhandari would continue to engage with clients and attend board meetings in India though he will now be based in the UK.
Bhandari is also keen to devote more time to the social sector and will work closely with Nobel laureate Kailash Satyarthi and Harvard Endowment Fund, said the person cited above.
In addition to Apollo Global Management, Bhandari led Aion Capital Partners, which is a joint venture between Apollo Global Management and ICICI Bank. Aion Capital raised $825 million in 2014 and has deployed the bulk of its corpus from this fund in India.
Bhandari has led deals in Avantha Holdings and the buyout of GE Capital Services and Planet cast Media services.
According to his profile on the Apollo website, Bhandari joined Apollo in 2006 from The View Group which was an India-focussed private equity firm. Before that, he worked with Harvard Management Company which manages the endowment of Harvard University. Bhandari is also on the board of directors of Welspun Corporation where Apollo invested $350 million in 2011.
The report said that Kalpesh Kikani and Parth Gandhi will lead the Apollo and Aion Capital teams in India.