Private equity firm Warburg Pincus on Thursday named Jeffrey Perlman its new chief executive officer, marking only the third generation of leadership in its nearly 60-year history.
Perlman, who was named President of the firm last year, will take over as CEO on September 2, 2024. He succeeds Chip Kaye, who will become Chairman alongside Timothy Geithner, the 75th Secretary of the U.S. Department of the Treasury, Warburg said in a statement. Kaye joined Warburg Pincus in 1986 and served as CEO for over two decades.
Perlman began his career at Warburg Pincus nearly 18 years ago and has been a member of the firm's Executive Management Group since 2018. Over the course of his tenure, he has “significantly expanded” the franchise in Asia, including opening the firm's Singapore office in 2016, overseeing its private equity investing activities in Southeast Asia, and building out the firm's real estate business across the Asia-Pacific region, Warburg said.
"I am deeply honored to succeed Chip as CEO and am excited by the tremendous set of opportunities ahead of us. Looking forward, the firm has an accomplished, talented, and experienced next generation of leaders in place, with a highly successful investing track record," said Perlman.
Kaye led Warburg’s entry into Asia in 1994, driving the growth of one of the first global private equity firms to enter the region with early offices in China and India. During Kaye's tenure, Warburg’s PE funds generated over $100 billion in fund profits, the PE firm said.
New York-headquartered Warburg Pincus is one of the most active PE investors operating in India. Globally, the growth-stage investment firm has more than $83 billion in assets under management.
Since its founding in 1966, it has invested more than $117 billion in over 1,000 companies globally across its private equity, real estate, and capital solutions strategies. The firm has an active portfolio of more than 225 companies.
Warburg entered India in the late 1990s. The firm’s India PE business is currently led by Narendra Ostawal after a leadership shuffle late last year. The firm has struck a couple of big-ticket transactions in the country this year.
In May, it sealed its single-largest deal in India since it began investing in the country when it agreed to acquire Shriram Housing Finance Ltd from Mumbai-listed Shriram Finance Ltd and private equity firm Valiant Partners for Rs 4,630 crore (about $555 million).
In April, Warburg acquired a stake in Chennai-based Appasamy Associates Pvt. Ltd, the largest Indian manufacturer of ophthalmic equipment and intraocular lenses. This marked Warburg’s largest investment in India’s healthcare sector.
Warburg has stitched several other transactions bigger than $200 million. These include its investments in medical equipment maker Micro Life Sciences, Bharti Airtel and its DTH arm, ICICI Lombard General Insurance, Kalyan Jewellers, Indecomm Digital, and a co-living platform with Lemon Tree Hotels.
Warburg also logged over half-a-dozen liquidity moves last year in India, putting it in the list of top private equity investors harvesting money from their portfolio companies. Earlier this year, it sold its remaining stake in IDFC First Bank for Rs 1,195 crore, taking its total harvest from the lender to nearly Rs 6,515 crore, or about $850 million.
