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Carlyle Group LP has promoted India Managing Director M. Shankar Narayanan to co-head its Asian private equity business, according to three sources familiar with the appointment.
Narayanan will join Wayne Wen-Tsui Tsou in overseeing investments from the $1 billion Carlyle Asia Growth Partners IV fund, which accounts for the bulk of the private equity firm's growth capital investments in the region.
The sources declined to be identified because the appointment has not been made public.
"An official announcement from Carlyle is expected later this month or early January," said one of the sources.
Carlyle declined to comment.
Narayanan joined Carlyle in 2004 from Hathway Investments to oversee a growth fund in India focusing on minority investments.
Among investments undertaken under Narayanan, Carlyle bought stakes in India's Tirumala Milk Products and Repco Home Finance . It exited both investments this year.
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