In his previous stint, Singh was the India head of global credit and special situations group, at BofAML for 7 years. He also worked as director – Investment banking at Daiwa Securities Capital Markets, and held senior positions in Credit Suisse, ICICI Securities Ltd and Enam Holdings.
Under the leadership of Singh, Lone Star Funds had explored several opportunities in India and held discussions to acquire the lending business of Dewan Housing Finance Corporation (
), stressed assets of Infrastructure Leasing and Financial Services (IL&FS).
When contacted, Singh declined to comment, while mail sent to Lone Star Funds did not elicit any responses.
Lone Star Funds, a leading private equity firm advising funds that invest globally in real estate, equity, credit and other financial assets, has organized 21 private equity Funds with aggregate capital commitments totaling more than $85 billion.
Since 2017, when there were huge deal-making opportunities available in the distressed, special situation assets in India, several global funds had set up their offices and hired veterans from private equity firms and other financial institutions.
In 2017, Oaktree Capital Management, one of the largest special situations and distressed assets funds globally, had hired former JPMorgan executive Gaurav Parasrampuria to explore opportunities in the Indian market.
In 2018, global private equity & distressed assets investor Cerberus Capital had entered into the country by setting up its office in Mumbai and hired Indranil Ghosh, former principal at special situation fund AION Capital Partners, as managing director.
When the regulations for buying stressed assets had been improved after passing The Insolvency and Bankruptcy Code (IBC) in 2016, a number of global distressed funds had set up offices in India.
Global players like Lonestar, Varde Partners, Cerberus Capital, Oak Tree have been actively pursuing buyout opportunities in India.
Stressed assets opportunities in India have increased from from $25 billion in 2015 to $115 billion in 2020.