K S Jangbahadur, a veteran investment banker of 14 years and co-head of private equity practice at ICICI Venture, has put in his papers, said an executive in knowledge of the development. Jangbahadur is expected to join global investor JP Morgan as head of its private equity business, the executive added.
It is a home coming of sorts for Jangbahadur as he joined ICICI Venture in March 2008 from JP Morgan’s San Francisco office where he was heading investment banking in the software sector. Renuka Ramnath, former managing director and chief executive officer of ICICI Venture, hired him to head the fund’s International Business Group. The spokesperson of ICICI Venture could not be contacted for comments, while JP Morgan’s refused to comment.
This is the second high-profile exit from ICICI Venture in the last couple of months. Recently, Sumit Chandwani, executive director and a ICICI Venture veteran quit the fund manager. In 2009, Renuka Ramnath quit ICICI Venture to start her own fund management business, Multiples Alternate Asset Management .
ICICI Venture is one of the largest PE fund manager in the country which manages funds worth $ 2 billion.
Jangbahadur also had a stint with JP Morgan in its joint venture with ICICI Securities in Mumbai, Singapore and Hong Kong from 2004 to 2008.
He worked with UBS and Credit Suisse First Boston in Hong Kong, Mumbai and Pao Alto before joining JP Morgan. He led the ICICI Venture’s investments in Star Health Insurance and TeamLease and managed the firm’s investments.