Former Unilever executive Vikram Kumaraswamy has been named a partner and co-head of the private equity firm L Catterton's India unit.

As the company doubles down on one of Asia's fastest-growing consumer markets, he will serve as the company's leader alongside Anjana Sasidharan and Sanjiv Mehta, executive chairman for India.

LVMH Moët Hennessy Louis Vuitton, the largest luxury group in the world and the parent company of Dom Pérignon, Sephora, and Louis Vuitton, supports the company.

The first such country-specific fund in L Catterton's worldwide portfolio was a $600 million fund that was introduced in May specifically for India.

The International Finance Corporation (IFC) is supporting the fund with a $30 million commitment and the possibility of another $30 million co-investment.

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This fund comes after former Hindustan Unilever (HUL) CEO Sanjiv Mehta and L Catterton formed a joint venture in March 2024. Mehta and the company will divide the investment, and the joint venture will contribute five percent of the total fund size.

“Vikram is a widely respected investor and operator with deep roots in India and vast experience across the world,” says Sanjiv.

 

“L Catterton Executive Chair and Co-Founder Michael Chu and I have known him for many years and have consistently been impressed by his business acumen and high calibre steering of strategic initiatives,” adds Sanjiv.

The fund would focus on seven to nine mid-market investments in consumer categories like restaurants, branded retail, healthcare-led services, and food and beverage. The size of the deals will vary from $25 million to $150 million.

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At Unilever, Kumaraswamy has almost thirty years of international experience, including as the worldwide head of treasury and corporate development. He oversaw $15 billion in regional divestitures, M&A, and investments. After international postings in London, Singapore, and Indonesia, his return to India signifies a shift from corporate strategy to private equity.

He is anticipated to assist L Catterton in strengthening its position in a sector where the next wave of consumer behemoths is still being formed, with Mehta and Sasidharan.

According to the Retailers Association of India and Deloitte India, private consumption in India has almost doubled in the past 10 years, from $1 trillion in 2013 to $2.1 trillion in 2024.