Shweta Jalan skips from ICICI Venture to Advent

Private equity firm Advent International poaches Shweta Jalan from ICICI Venture, shortly after receiving approval to open an India office.

Private equity firm Advent International has poached Shweta Jalan from ICICI Venture as a director in its soon-to-be-opened Mumbai office. Advent has recently received the necessary approvals from Indian regulators to set up shop in India.

In July, the financial sponsor appointed P Jayendra Nayak to advise on investment opportunities in India with a focus on the financial services sector. Nayak was until recently chairman and CEO of Axis Bank (formerly UTI Bank), the third largest private sector bank in India.

Jalan was most recently a director in the private equity investments group at one of India's largest domestic financial sponsors, ICICI Venture, where she focused on companies in the manufacturing, engineering services and commodities sectors. Jalan joined ICICI Venture in 2000 from the corporate finance department of accounting firm Ernst & Young.

Jalan has "significant investment, portfolio management and exit experience" and has also been involved with fund raising and managing relationships with large institutional investors, said Advent in a written statement.

"Following the receipt of the company registration, Advent is on track with its plans to expand the Advent International global network with Advent's operations in India from this month," said Georg Stratenwerth, managing director of Advent International in the statement. "We are looking forward to the opening of Advent's office in India and pursuing the opportunities that the market presents."

Advent is a buyout-focused fund, which has raised $24 billion in capital since it was founded in 1984. The firm has an Asia office in Tokyo. Advent invests predominantly in five sectors: business and financial services; healthcare; industrials; retail, consumer and leisure; and technology, media and telecommunications. Advent made its first India investment in October 2007 in Computer Age Management Services Ltd (CAMS), a transaction processing company.

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