Vishal Mahadevia was promoted to head of Asia private equity at Warburg Pincus, the $84 billion growth investment firm said in a statement on Dec. 4 that revealed a series of new leadership appointments in Asia.
The role is new.
Mahadevia has been with the firm for 17 years and was most recently head of India and co-head of financial services. He retains the latter role, while Narenda Ostawal was promoted to head of India private equity.
Ostawal joined the firm in 2007 and is involved in the firm's investment advisory activities in India, as well as the evaluation of opportunities in the financial services and healthcare sectors in the country. He will continue to be responsible for his previous duties and no successor has been named, a spokesperson said.
Both Mahadevia and Ostawal are based in Mumbai.
The firm also announced that Saurabh Agarwal was elevated to head of Southeast Asia for private equity. Agarwal continues to be based in Singapore, where he relocated from New York in 2016. He has been with the company since 2009 and focuses on energy investments. No successor for his previous role was named and he continues to lead his previous coverage of work, the spokesperson said.
Jeffrey Perlman was previously the head of Southeast Asia until his promotion to president of the firm in July.
Head of China Frank Wei will step down from his role and leave the firm in 2024. He will be replaced by Shanghai-based Min Fang and Hong Kong-based Ben Zhou as co-heads of China private equity. Zhou continues to be in charge of the Chinese financial services and industrial tech sectors, and Fang continues to lead healthcare and consumer coverage.