Buyout shop Warburg Pincus is promoting seven of its principals to the post of managing director, and hiring two new managing directors, the firm announced Monday. The two new managing director hires are Mazin Al Khatib, who was previously a managing director at Investcorp Bank, and Somit Varma, who will work on energy deals and was previously global head of the natural resources group of the International Finance Corporation, Reuters wrote Monday.
(Reuters) – Private equity firm Warburg Pincus LLC said on Monday it would promote seven of its team members from principals to managing directors and hire two more, bringing its total managing director headcount to 65 as it seeks to reward and attract top talent.
For some the move could prove a stepping stone to having a stronger say on the affairs of the private equity group. Warburg’s co-presidents, Joseph Landy and Charles Kaye, have 17 other managing directors participating in its executive management group, according to the firm’s website.
Those whose promotions were announced on Monday are dispersed geographically and work in areas of capital markets, consumer, industrial and services, real estate, fundraising and technology, media and telecommunications.
The two new managing director hires are Mazin Al Khatib, who will work on fundraising and was previously a managing director at Investcorp Bank, and Somit Varma, who will work on energy deals and was previously global head of the natural resources group of the International Finance Corporation, the private sector arm of the World Bank.
Buyout firms use promotions to keep the finance industry’s finest, with the most senior members of the firm taking a cut of the carried interest, the share of the investment profits, usually 20 percent, that goes to a fund’s manager.
Last week, private equity firm Carlyle Group, which is preparing for an initial public offering, said it had promoted 41 of its professionals to senior positions, including 13 to managing directors.