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Global investment firm L Catterton has set up an India consumer-focused joint venture partnership with Sanjiv Mehta, former chief of consumer goods maker Hindustan Unilever.
The firm announced that its Asia platform L Catterton Asia (LCA), is “deepening commitment to India” with the formation of the joint venture with Mehta to develop the new investment vehicle. Mehta will assume the role of executive chairman of the fund in India, effective April 4, 2024, the company announced on Thursday.
Additionally, he will be involved with LCA and the firm’s other global fund platforms more broadly.
Mehta comes to this partnership following over 30 years at Unilever PLC Group, most recently as president of Unilever South Asia as well as chairman and managing director of HUL, India’s largest consumer goods maker, from 2013 to June 2023. In that role, he oversaw a fivefold increase in the market cap of HUL to INR 6.2 trillion, making it India’s fifth largest public company by market cap, the company said in a statement.
“I am particularly excited to join and support L Catterton’s India and Asia team as the firm deepens its commitment to the region,” Mehta said in the statement.
L Catterton manages approximately $35 billion of equity capital across three multi-product platforms: private equity, credit, and real estate. Founded in 1989, the firm has made over 275 investments in consumer brands.
“With India now having the world’s largest population and generating high GDP growth, there has never been a better time to deepen our commitment to the market and invest in consumer businesses that will shape the landscape of tomorrow,” L Catterton global co-CEO Michael Chu said.
L Catterton Asia Managing Partner Scott Chen said with Asia expected to drive more than half of the world’s GDP growth this decade, fuelled by young, technologically enabled consumers, the joint venture would bring together the firm’s global network and Mehta’s experiences.
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