Fund funded by LVMH partners with former HUL CEO Mehta

MUMBAI: Global investment company L Catterton, supported by French luxury brand LVMH, said on Thursday that its Asia platform has partnered with former Hindustan Unilever CEO Sanjiv Mehta to launch a new joint venture partnership centred on Indian consumers in order to build a new investment vehicle.

With effect from April 4, 2024, Mehta will hold the position of executive chairman for India. In addition, he will work with L Catterton Asia (LCA) and the company’s other international fund platforms in general, where Mehta’s abilities and perspectives may be used.

According to people with knowledge of the development, the new investment vehicle may not be set up as a fund but rather as an investment platform. Its approach may include collaborating with other fund managers in India and making investments in domestic businesses. According to them, the vehicle will look for opportunities to engage in regional consumer businesses while adhering to a more comprehensive worldwide approach. It will target investments between $25 and $150 million.
When the chance presents itself, the vehicle and LCA may also take joint investment into consideration. “L Catterton has used the Asia fund to make his investments in India so far. They want to use this company to create a specialised investment platform with an emphasis on India, according to sources. The funds of L. Catterton oversee $34 billion in assets worldwide and have invested in more than 250 top consumer brands in various industries.
L. Catterton can develop its India strategy by drawing on Mehta’s extensive experience with leading consumer firms. HUL became the biggest fast-moving consumer goods firm in India and the fifth-largest public company by market value during his tenure, with its market capitalization growing five-fold to Rs 6.2 trillion.