Infra fund co-head becomes CEO at IL&FS PE

The move comes after the unit’s parent company formed two partnerships to target Indian renewables and stressed infrastructure projects.

IL&FS Investment Managers, known as IL&FS PE, has appointed Krishna Kumar as chief executive. 

Kumar, a founding member of the IL&FS PE practice, was most recently a senior managing partner at the firm. He replaces Archana Hingorani, who left the firm last month citing personal reasons. 

As the private equity arm of Indian group Infrastructure Leasing & Financing Services, Mumbai-based IL&FS PE is one of the largest domestic private equity fund managers in India, with over $3.2 billion under management. Its funds invest across private equity, infrastructure and real estate. 

As he takes on the unit’s helm, Kumar will remain the co-CEO of Standard Chartered IL&FS Asia Infrastructure Growth Fund – a $660 million infrastructure vehicle with a specific focus on India and China. The fund is jointly managed by IL&FS and Standard Chartered Bank. 

With over 23 years of financial services and infrastructure investment experience, Kumar has managed private equity funds focused on a variety of infrastructure sectors such as transport, utilities, ports and telecoms. He has also been involved in investments including IL&FS Transportation, Ramky Enviro Engineers, Gujarat Pipavav Port, Max Telecom and DEN Networks. 

In February, the firm’s parent IL&FS partnered with US buyout firm Lone Star to form a $550 million joint investment platform for stressed infrastructure projects in India. The company had already teamed up with Japan’s Orix Group in March 2016 to invest in a 1GW portfolio of renewable energy projects in the country. 

The firm is also mulling the listing of an infrastructure investment trust, which would allow it to monetise income-generating infrastructure projects and provide investors with stable yields, in a manner similar to Real Estate Investment Trusts. The IL&FS Transportation Trust, which received in-principle approval from regulators last year, is expected to comprise four road projects. Further IPO details have yet to be released.