US’s private equity and distressed assets investor Lone Star Funds has announced Ambrish Singh as the head of its India operations. Currently the company manages more than $45 billion in assets. Singh, former Bank of America Merrill Lynch (BofAML) executive, will come on board as managing director and will be responsible for Lone Star’s investments across asset classes, including private equity, distressed debt and structured credit.
In his previous stint, Singh was the director of global credit and special situations group for India, South-East Asia and Australia at BofAML. He also held senior roles in Credit Suisse, Daiwa Securities Group Inc., ICICI Securities Ltd and Enam Holdings Pvt. Ltd.
Singh’s appointment comes at a time when Lone Star is planning to commit at least $1 billion in India across various strategies, said one of the people cited above. In April, Lone Star and RattanIndia Group had planned to invest ₹2,600 crore to set up a non-banking financial company, RattanIndia Finance, in an equal joint venture. RattanIndia Group chairman, Rajiv Rattan, is the chairman and chief executive of the NBFC.
In 2017, Lone Star had formed a joint venture (JV) with Infrastructure Leasing and Financial Services (IL&FS), committing up to $550 million, to buyout stressed assets in the infrastructure sector.