Private equity firm Warburg Pincus has elevated its India head Vishal Mahadevia as Head of Asia Private Equity, a newly created position, as it overhauled its leadership team in line with its strategy to expand its regional footprint.
Mahadevia, a 17-year veteran of the firm, will retain his role as co-head of financial services, Warburg said in a statement.
Narendra Ostawal, who joined the PE firm in 2007, has been named Head of India Private Equity. Viraj Sawhney and Anish Saraf, who joined the firm in 2005 and 2006, respectively, will both take on expanded roles, as the firm deepens its focus on cross-border business services and industrials activity, Warburg said.
"Vishal's leadership skills and investment expertise, paired with our long-tenured next generation of investors, are an ideal team to drive the firm's Asia strategy forward," said Chip Kaye, CEO, Warburg Pincus.
Warburg, which last month said it raised $17.3 billion for its latest and largest flagship PE fund, is one of the most active PE firms in India and has bet on 80 companies since its first investment in the country in 1996. Overall, it has committed more than $30 billion in China, India, and Southeast Asia over the past 30 years.
The PE firm also made leadership changes in China, Singapore and Japan. In China, where the firm has invested in over 100 companies since 1994, Frank Wei will step down as Head of China after more than 20 years with the PE firm. Min Fang and Ben Zhou, who joined the firm in 2007 and 2005, respectively, will serve as co-heads of China Private Equity. Wei will remain as a Managing Director at the firm through 2024 to ensure a seamless transition.
In Singapore, Saurabh Agarwal, who joined the firm in 2009, has been appointed Head of Southeast Asia Private Equity. The firm made its first investment in Southeast Asia in 2013 and has invested across Vietnam, Indonesia, the Philippines, and Singapore.
The firm previously announced that Takashi Murata will join in early 2024 as Head of Japan and co-Head of Asia Real Estate, alongside long-time Warburg Pincus veteran Ellen Ng.
Warburg said the leadership changes will integrate its private equity business across Asia under unified management, mirroring the firm's organizational leadership in the Americas and Europe.
"We were the first private equity firm to achieve scale in Asia, and we continue to benefit from the transformation of the economy and the rise of the middle class," said Kaye.
