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US private equity firm Platinum Equity LLC hired Amit Sobti to head its Asia business as it pushes to expand dealmaking in the region.
Sobti, who currently co-leads direct investments for Asia-Pacific at Ontario Teachers’ Pension Plan, is expected to join Platinum Equity by the end of this year or early next year, according to people familiar with the matter. Sobti has been at the Toronto-based pension fund for more than seven years, according to his LinkedIn profile.
Platinum Equity declined to comment. Ontario Teachers’ confirmed Sobti’s departure. Sobti didn’t respond to messages sent to his LinkedIn account and official email.
Los Angeles-based Platinum Equity, founded by billionaire Tom Gores, manages over $47 billion of assets and a portfolio of about 50 companies. It invests in businesses with $100 million to $10 billion in enterprise value across its buyout and small-cap funds, according to its website.
In Asia-Pacific, Platinum Equity has made at least four investments, striking deals with Jeld-Wen Holdings Inc., a buildings products manufacturer, along with Hop Lun Hong Kong Ltd., an apparel firm, and Pearl Engineered Solutions. Gores also owns the Detroit Pistons basketball team.
Sobti’s hire will fill the role vacated by Soo Jin Goh, who left the firm last year.
His departure from Teachers’ follows the exit of two senior executives in Asia this year. OTPP plans to deploy about half of all new investments outside North America, and has opened an office in Mumbai while also expanding in Singapore, where Sobti is based. The firm has more than C$16 billion ($11.9 billion) invested in the region, as part of its nearly C$250 billion in assets.
“Teachers’ has a strong team on the ground driving our private equity activities in the region,” the pension fund said in a statement, noting Rahul Mukim leads private equity investments in India, reporting to both Deepak Dara and Cindy Yan.
(Updates with role replacement in sixth paragraph.)
