India head of PE firm CVC Capital on his way out, firm might appoint new MD

livemint.com:

Mint had reported in May this year. Temasek Holdings, TPG, Bain Capital and VPS Healthcare (now Burjeel Holdings) are in the fray for CVC's 60.4% stake. “Amit Soni is likely to leave by the end of the year," the second person cited above added.

Soni joins a list of senior PE managers who have recently left or are on their way out of global firms. Sandeep Naik, Asia head for General Atlantic is reportedly leaving the firm. Last year, Shashank Singh, partner and head of India at Apax, had quit.

Emailed queries to spokesperson for CVC and Amit Soni remained unanswered till press time. In its statement announcing the fund close in February this year, CVC said that its Asia VI fund will focus on control, co-control and partnership investments in high-quality businesses in core consumer and services sectors across Asia. CVC has been active in Asia since 1999 and in this time it has made more than 80 investments in the region.

As Indian market matures, there are a lot of buyout and controlled deals opportunities that come up for investors such as CVC. As per global consulting firm EY’s report- India Trend Book 2024, there were 56 buyout deals with a total value of $12 billion in calendar year 2023, compared to 53 deals totalling $10.4 billion in 2022. Interestingly, buyouts made up almost a quarter of the private equity and venture capital deal flows in the country, which stood at $49.8 billion in 2023, the EY data showed.