Managing Director of TPG NewQuest’s India operations, Nitin Agarwal, has stepped down from his position, news portal Moneycontrol reported on Thursday citing sources.
Following a decade-long stint with CLSA, where he served as co-head of private equity (PE), Agarwal began working with Hong Kong-based NewQuest in 2019. TPG fully acquired NewQuest to form TPG NewQuest in January 2022.
Agarwal’s LinkedIn profile indicates that he has held positions at large companies such as Motilal Oswal PE, JP Morgan, American Express, and Infosys over the course of his 23-year career.
The report indicates that Agarwal is now joining a growing number of veteran venture capital and private equity investors who are beginning to strike out on their own.
DealStreetAsia had recently reported on the trend of seasoned fund managers coming forward to launch their own investment vehicles as India takes centre stage and foreign limited partners (LPs) adopt a China Plus One strategy.
Earlier this year, Ruchira Shukla stepped down from the International Finance Corporation to start Synapses, a venture capital (VC) firm focusing on climate and healthtech deals. The firm is currently on the road to raise $125 million.
Nexus Venture Partners’s Sameer Brij Verma is also said to have concluded his 13-year stint at the VC firm, and media reports suggest that he is looking to launch a multi-stage fund spanning public markets and early-stage investments.
Among other notable exits, Piyush Gupta from Peak XV Partners (formerly Sequoia Capital India & SE Asia) is understood to be on his way out, while Orios Venture Partners managing partner Anup Jain quit late last year to start his own fund.
The report indicates that Agarwal’s next move remains unknown.
India is currently one of the world’s fastest-growing economies, clocking an annual GDP growth of 7.8% in FY24. India’s blistering growth story has also prompted a host of companies to move their operations to the country. Recently, merchant commerce platform Pine Labs got approval from the Singapore court to relocate to India.
