Anubha
Shrivastava, managing director, Asia has quit CDC Group Plc after almost six
years of association with the UK government’s development finance institution. Information
about who will replace her is not known at this stage as the investment firm replacement
is working with search firms to find a new MD.
Confirming
the development, Miriam de Lacy, director – corporate communications,
CDC Group Plc, said that Shrivastava has decided to move on to pursue other
opportunities. “A replacement is being sought but the Asia funds team has been
strengthened by the appointment of Hiti Singh and the promotion of Clarisa De
Franco, who will both take the role of portfolio director,” she said in an email response.
An active investor in several venture capital (VC) and private equity (PE) funds in India, CDC has invested in entities like Lok Capital, India Inclusion Fund, New Silk Route, Aavishkaar and Baring India Private Equity.
In 2011 CDC came out with a high-level new business plan, with a geographic remit focused on Africa and South Asia. Hence, in addition to acting as a fund-of-funds investor, the investment firm decided to also provide debt and direct investment to businesses in these regions. As part of this change in its strategy, CDC is building a direct equity investment team that will focus on providing equity capital directly to support the growth of businesses, especially in the more challenging regions of Africa and South Asia.
An active investor in several venture capital (VC) and private equity (PE) funds in India, CDC has invested in entities like Lok Capital, India Inclusion Fund, New Silk Route, Aavishkaar and Baring India Private Equity.
In 2011 CDC came out with a high-level new business plan, with a geographic remit focused on Africa and South Asia. Hence, in addition to acting as a fund-of-funds investor, the investment firm decided to also provide debt and direct investment to businesses in these regions. As part of this change in its strategy, CDC is building a direct equity investment team that will focus on providing equity capital directly to support the growth of businesses, especially in the more challenging regions of Africa and South Asia.
Led
by Mark Pay, three new appointments have been made in this team viz. Ross Coul
who is joining as investment manager, from Sovereign Capital in London; Rohit
Anand joining as investment executive, from IDFC Private Equity in Mumbai and
Maheep Jain, also joining as investment executive, who comes with a background
in corporate finance from Clean World Capital.
CDC
is the UK government-owned development finance institution that uses its own
balance sheet to invest in the developing countries of south Asia and Africa.
It has net assets of £2.6bn.
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