Global private equity (PE) major General Atlantic could soon see a rejig in its top management. Sandeep Naik, its head of India and Southeast Asia, is tipped to leave his position by the end of this calendar year and take on an advisory role.
The development was first reported by MoneyControl, which said Naik’s current responsibilities will be divided between Shantanu Rastogi, who leads the firm’s operations in India, and Southeast Asia chief Neal Kok.
Sources that DealStreetAsia spoke to said that the market has been rife with rumours of Naik’s exit amid lingering internal issues at the firm, especially in India.
“There have been allegations of a power struggle [between Naik and Rastogi] in the India unit,” said an industry insider on the condition of anonymity.
Naik, a former partner at PE firm Apax, joined General Atlantic in late 2012 as a managing director and the head of its India operations. He was later promoted to lead both India and Southeast Asia.
Naik is understood to have faced internal scrutiny for General Atlantic’s investment in beleaguered Indian edtech firm Byju’s, which has seen its valuation plummet from a whopping $22 billion in 2022 to nearly zero.
“The investment in Byju’s is a big setback for the firm,” said another source, adding that the edtech firm has caused reputational damage to the entire Indian startup ecosystem.
The PE giant is understood to have deployed over $6 billion in capital across India and Southeast Asia.
In an earlier interview with DealStreetAsia in 2022, Naik said General Atlantic has been upbeat about India and Southeast Asia, which the firm considered two bright spots for growth.
The PE major’s portfolio companies in India include general insurance startup Acko, ASG Eye Hospitals, and digital healthcare provider Reliance Health. In Southeast Asia, it has backed firms such as KGBio (Indonesia), VNLife (Vietnam), and Kumu (Philippines).
DealStreetAsia has reached out to General Atlantic and Naik for comments.