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.