SSG Capital co-founder Shyam Maheshwari leaving Ares SSG

 SSG Capital co-founder Shyam Maheshwari leaving Ares SSG

Shyam Maheshwari has decided to step down as a partner at Ares SSG, a little more than a year after the alternative investment firm that began life as SSG Capital was acquired by US-based Ares Management.

Maheshwari serves on the Ares SSG investment committee and is a director of Ares SSG Singapore. He focuses primarily on origination and evaluation of investment opportunities in India and other regions throughout Asia.

His decision to leave the company comes 12 years after he co-founded SSG Capital in 2009. At SSG Capital, he was extensively involved in deal sourcing, analysis and investing in Asia and business development in India.

Ares Management agreed to acquire SSG Capital in early 2020 and completed the deal in July last year.

Ares SSG said in a response to a query from The Capital Quest that Maheshwari decided to leave Ares SSG to spend more time with his family, especially his children, and pursue his interests in philanthropy and other personal interests. He will stay at Ares SSG till December to facilitate a smooth transition, it added.

Maheshwari’s exit comes at a time when his name has been associated with Ajay Ajit Peter Kerkar, promoter of now bankrupt travel and tourism firm Cox & Kings, in an alleged money laundering case. Kerkar, who was ousted from Tata Group over two decades ago by then chief Ratan Tata, owns two British Virgin Island trusts and is associated with at least half a dozen offshore firms, an investigation of records in the Pandora Papers shows.

Most of these firms were set up by Kerkar and Maheshwari, according to The Indian Express. Kerkar was arrested in November 2020, after his firm came under the scanner in a case related to alleged kickbacks taken by former Yes Bank chief Rana Kapoor.

However, this is not the first time Maheshwari has been dragged into the limelight over a business deal.

Canadian financial services company Kyko Global had previously taken SSG Capital to the legal arena over an investment by Lehman Brothers in an Indian infotech firm. This was over an alleged multi-million-dollar fraud committed in the United States by Hyderabad-based Prithvi Information Solutions Ltd.

Maheshwari and his SSG partners, who were then in Lehman Brothers, had executed an investment in Prithvi Information. This case was reportedly settled early this year.

Maheshwari was a senior vice president in the Asia Special Situations Group at Lehman Brothers, where he was responsible for making principal investments in India.

Maheshwari began his career in 1999 at Lehman Brothers as a credit analyst on the Asia credit research team. In 2005, he moved to credit trading. He holds an MBA from IIM Bangalore and is also a chartered accountant.

Vivek Sinha

The Capital Quest