[Updated] L Catterton Asia confirms appointment of Chinta Bhagat as co-managing partner

L Catterton Asia managing partner Chinta Bhagat

Editor’s Note: This story was updated on August 6 after L Catterton announced the appointment of Chinta Bhagat. A previous version of this story on Bhagat’s appointment, citing sources, appeared on August 3. 

Consumer-focused private equity firm L Catterton on Tuesday announced the appointment of former Khazanah Nasional Bhd executive Chinta Bhagat as a co-managing partner and head of Asia funds.

DealStreetAsia had on August 3 reported the appointment, citing sources.

Bhagat, who is slated to join the PE firm on August 30, is the head of private markets for South Asia as well as the head of global healthcare portfolio at the Malaysian sovereign wealth fund. He previously spent almost 14 years at McKinsey in Singapore, including six years as a managing partner.

In his new role, Bhagat will jointly lead L Catterton’s Asia platform with co-managing partner Ravi Thakran, the investment firm said in a statement.

“In bringing Mr. Bhagat on board, L Catterton is also accessing his considerable healthcare experience to execute attractive opportunities in health and wellness across its various fund platforms, a category that the firm has significant experience investing in around the globe,” it added.

The hiring comes amid reports of a spin-out of L Catterton’s Asia team, involving at least five executives led by Thakran, who is expected to continue overseeing the firm’s latest $1.3-billion Asia fund.

Other executives departing the PE firm along with Thakran include vice-chairman and India MD Narayan Ramachandran, Asia operations MD Harry Markl, Asia CFO Gilbert Ong and South East Asia MD Jun Wang.

L Catterton has denied these reports. “As previously stated, there is no L Catterton Asia spin-out. These rumors are false. We are solely focused on ensuring the continued high performance and execution across our funds in the region,” it told DealStreetAsia on Tuesday.

We had earlier reported that the new private equity firm to be spun out of the investor is looking to raise $500-750 million for its debut fund and has secured the backing of parent L Catterton, a Southeast Asian conglomerate and a Middle East fund as its anchor investors.

L Catterton recently closed its third Asia fund at about $1.3 billion and has deployed over $600 million out of the fund. However, an exit of key executives along with Asia chairman Thakran is learnt to have triggered the so-called key man clause, as evidenced by the lack of any new investments by the firm in the recent past.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.