Henderson loses Kapur, targets $500m

Henderson Private Capital’s head of Asian private equity Sanjiv Kapur has left the group at the same time as it has announced the launch of a new Asian fund with a $500m target.

A statement released by Henderson Private Capital said that Asian head of private equity Sanjiv Kapur had left the firm in order “to pursue investment opportunities independently”.

A source close to Henderson said: “He [Kapur] came into Henderson to start up the Asian operation but it was always the plan that he would go it alone at some point once the operation was established”.

Prior to joining Henderson, Kapur had enjoyed a 20-year career in investment, culminating in his appointment as head of private equity in emerging markets for the International Finance Corporation, the private sector affiliate of the World Bank. No information is currently available on the precise nature of his plans going forward.   

Vishal Marhawa, head of Indian investments at Henderson, told PEO in an interview that the firm would be seeking $500 million (€407 million) for its new Henderson Asia Pacific Equity Partners II fund. Information memoranda are due to be distributed next month, and a first closing is anticipated early next year.

Henderson’s debut fund in Asia, which was overseen by Kapur, raised $210 million in 2001. In a statement, the firm said the fund had so far posted a gross realised IRR of 29 percent. Marhawa said $150 million of the capital had been invested, with the option to do one more deal still remaining taking into account money set aside for fees, expenses and follow-on financings.

Marhawa said that following Kapur’s departure, Asian operations would be overseen by London-based Henderson Private Capital managing director Roger Greville, who will now devote “60-70 percent of his time to the Asia Pacific fund”, including playing a prominent role in the fundraising.         

Greville will oversee three country/regional heads, with Marhawa heading Indian investments, Lucian Wu responsible for North Asia and former principle Scott Greck, who has been promoted to partner, head of the ASEAN region. Marhawa said the current seven-strong team of investment professionals based in Singapore, Hong Kong and Delhi would be boosted to ten by three more recruits in the near future.

Henderson Private Capital is the private equity arm of Henderson Global Investors and had $1.5 billion under management on 30 June 2005 in its four businesses: Asian private equity, European private equity, infrastructure and funds of funds.

The European private equity business has also had recent experience of senior professionals leaving for new pastures. During the last year, European head Toby Boyle and Italian head Roberto Italia both departed, the latter subsequently resurfacing at Cinven.