PJ Nayak, the former chairman and CEO of Axis Bank, has joined private equity (PE) firm Advent International. He will advise the PE player on investment opportunities in India and develop its business in the country.
Advent said Nayak would help it spot investments, especially in the financial services space. Advent is planning to open an office in India in 2010.
The former bureaucrat, who was instrumental in shaping Axis Bank, left the private sector lender in late April, three months before his term was to come to an end. He resigned after the bank’s board did not agree with him on appointment of his successor.
Nayak is the second high-profile banker to shift to the world of private equity. Earlier this year, Sanjay Nayar, Citi’s CEO for South Asia, joined KKR.
Founded in 1984, Advent International focuses on international buyouts, strategic repositioning opportunities and growth buyouts in five core sectors.
