TMF Group has hired a new head of its fund services division for India, marking the latest regional appointment for the global fund administrator.
Gaurav Rishi Mehra has joined TMF Group where he will be overseeing its fund services offering for private equity, real assets, infrastructure, debt and venture capital clients in India.
With more than 15 years’ experience in the financial and asset management sector, Mehra was previously an associate director at KPMG. He also held leadership positions at State Street, Goldman Sachs and EY.
“We believe there are strong opportunities in India, which align with our plans for the funds business. We are committed to recruit the best talents in the market, and Gaurav’s hiring is a clear sign of our strategy. Under his leadership we expect our funds team to grow significantly,” said Shagun Kumar, managing director, TMF India.
The hire follows a string of regional appointments made by TMF Group’s global fund services business over the past year, which included a new head of China and Taiwan, a new head of Singapore and Malaysia, a new commercial director for Australia, and a new head of The Netherlands.
The firm also completed the acquisition of Venture Back Office (VBO), a US–based third-party provider of solutions to private equity, real assets, credit, and emerging manager funds.
“TMF Group is continuously focusing on hiring the best people, as evidenced by the many recent key newcomers in different markets, spanning from the USA to the APAC region. Gaurav, the most recent, is an incredible professional with an impeccable track record in the financial and funds areas,” added Andrew O’Shea, global head of fund services, TMF Group.
“His leadership skills and market knowledge, as well as his experience in the design and implementation of projects will be valuable assets in the next steps TMF Group will take to improve its funds services proposition.”
India’s alternative investment space has expanded significantly since their introduction in 2012 by the Securities Exchange Board of India (SEBI) to boost asset classes such as venture capital, private equity and real estate funds.
However, the market is still relatively small with only $27 billion raised from investors in alternative investment funds (AIFs) as of September 2020. In addition, AIFs in India are not allowed to make any invitations to the public to subscribe to their securities, as they are held as privately pooled investment vehicles and must raise funds through private placements only.