Varun to head Texas India

Texas Pacific Group (TPG), the global private-equity fund, which manages around $20 billion, has named former Intel Capital Managing Director Varun Kapur to lead its investments in India effective this week.

Kapur previously managed Asia-Pacific region investments for Intel Capital, the venture capital arm of Intel. Texas-based TPG has over $20 billion under management, in funds dedicated to venture capital, private equity and public equity investing.

Vivek Paul, who quit Wipro as its vice-chairman in 2005 is one of the partners of TPG and according to information available, Paul was the one who cherry-picked Kapur.

The firm, which has invested in Chinese companies including PC maker Lenovo, is making serious attempts to boost its presence in China and other Asian markets.

The appointment is significant as far as Indian private equity scene is concerned which in the last 11 months has seen PE investments galloping to $4 billion and is expected to double over the next year.

TPG focuses on turnarounds, management-led buyouts and recapitalisations. Recently, it bid for Australian carrier Qantas. The firm's industry focuses include media and telecommunications, industrials, technology and health care.

The firm is currently investing its fourth fund, TPG Partners IV, LP, which closed in March 2003, with $5.3 billion in capital commitments. The firm is raising its fifth fund by seeking as much as $14 billion, according to reports.

The firm's notable transactions include the leveraged buyout of Burger Kind in July 2002 with Bain Capital and Goldman Sachs Capital Partners.