Money Management

PAG taps KKR veteran to lead buyout efforts in India

Nikhil Srivastava will join Hong Kong-based investment firm PAG during the second quarter as managing director and head of India private equity, a spokesman for the firm confirmed.

The Mumbai-based position is a new one at PAG.

A PAG news release Tuesday said Mr. Srivastava will come to PAG from KKR & Co,, where he served as the head of that firm's special situations and health-care services private equity group in India.

A Hong Kong-based spokeswoman for KKR confirmed that Mr. Srivastava was a senior member of KKR's special situations and health-care services private equity team in India but declined further comment.

The PAG news release said Mr. Srivastava will lead efforts by the firm's buyout group, PAG Asia Capital — which closed its latest fund, PAG Asia III, in November with capital commitments of $6 billion — to find investment opportunities in India.

PAG CEO Weijian Shan, in the news release, said PAG has been "actively seeking major investment opportunities in India" and is looking forward to increasing its investments there.