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Date:
Saturday March 6, 2010

Location:
Harvard Business School
Soldiers Field
Boston, MA 02163

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PRIVATE EQUITY

The following are the panelists:

Heramb Hajarnavis
Co-Head of Private Equity of Goldman Sachs India

Heramb is co-head of private equity investing activities in India. Prior to assuming his current role, he was a member of the Principal Investment Area team in New York, where he focused on evaluating investment opportunities for the firm’s private equity and mezzanine debt funds across various industries.

Since Heramb initially joined the firm in 1996, he has worked in various capacities as an investment banker and a private equity investor in New York, Singapore and Hong Kong. He left the firm in 1999, and post business school he served for two years as a member of the senior management team of Centennial Communications, a NASDAQ listed telecommunications services provider with operations in the United States, Puerto Rico, Dominican Republic and Jamaica, subsequently acquired by AT&T. Heramb rejoined Goldman Sachs in 2003 and was named managing director in 2009.

Heramb serves on the Board of Directors of Sudhir Gensets Limited and TVS Logistics Services Limited. He is a member of the Confederation of Indian Industry (CII) National Committee on Private Equity & Venture Capital and the CII Sub-Committee on Issues Pertaining to Foreign Investment in India (part of the National Committee on Regulatory Affairs). Heramb has also served on the Working Board of the Indian American Council and as an Executive Member of the MIT Class of 1996. He was awarded an Aspen Institute – India Leadership Initiative Fellowship in 2008.

Heramb earned an SB from the Massachusetts Institute of Technology, where he was part of the freshman crew team and completed his senior thesis under Nobel Laureate, Professor Robert Solow. Heramb also earned an MBA from Harvard Business School, where he was co-president of the South Asian Business Association.

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Steven Wisch
Founder & Managing Partner of India Equity Partners

Steven Wisch, 48, is a founder and Managing Partner of India Equity Partners (IEP), a long-term, growth-oriented Indian private equity fund. He is also a founder and Managing Director of IREO, the first organized foreign fund involved in Indian real estate development focused on constructing a world-class portfolio of residential, commercial, retail and hospitality properties. These businesses manage over $2 billion dedicated entirely to India with eight offices and over 300 employees. Mr. Wisch was a Partner and Managing Director at Goldman, Sachs & Co. where he worked for a total of 17 years in various areas, including corporate finance, mergers and acquistions, executive administration, equity capital markets (including five years running Asian Equity Capital Markets in Hong Kong) and investment management. Mr. Wisch served as the Chief Operating Officer of 9/11 United Services Group, a not-for-profit organization which coordinated the more than $3 billion that was raised by charities to assist the victims of the terrorists attacks on September 11, 2001. He serves on the boards of the U.S.-India Business Council, SEACOR Holdings, Inc. and Hudson’s Companies. Mr. Wisch is also a member of the Council on Foreign Relations. Mr. Wisch received an M.B.A. from Harvard Business School and an A.B. from Stanford University.


IEP manages an India-focused, long-term, growth-oriented private equity fund with $353 million of equity capital from blue-chip institutional investors, endowments, high net-worth individuals, family offices, financial investors, and senior executives. The fund, which closed in 2006, has been patient in deploying capital (60% invested as of January 2010) and has nine portfolio investments. IEP focuses on sectors that will benefit from growth in domestic consumption and investment and where it has deep knowledge, including education, financial services, outsourcing, food and consumer products, healthcare, infrastructure services, and waste/water management. IEP’s extensive India and global presence and relationships provide it with a source of proprietary deal flow.

IREO raised the first foreign fund focused on real estate in India and has committed approximately $2 billion to a portfolio of 14 announced projects across India. IREO has a well established organizational infrastructure, with over 300 people across eight offices and fully integrated management capabilities. IREO’s portfolio is geographically diverse and encompasses the development of residential, office, retail and hospitality properties. IREO has a differentiated investment approach that combines intimate knowledge of local real estate markets with global capital markets sophistication and the organization to execute complex development projects, where it leverages its experience in land aggregation, design, development, project financing, project management, facilities maintenance and marketing.

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Gautam Bhandari
Managing Director of Morgan Stanley Infrastructure

Gautam Bhandari is an Managing Director with Morgan Stanley Infrastructure (“MSI”) responsible for the development of MSI’s investment platform into India, Gulf countries and Southern Africa. Prior to joining the Infrastructure team, Gautam worked for Morgan Stanley's Investment Banking Division where he covered Engineering & Construction (E&C), Industrial Services and Alternative Energy sectors globally. Gautam's coverage emphasis has been in the emerging markets, specifically India, China, and Latin America.

Prior to working in the Investment Banking Division, Gautam was in Global Capital Markets where he structured and executed project financings, hedges and securitizations. Over the years, he has worked with multiple companies in infrastructure and infrastructure-related sectors, including Power, Telecom, E&C, Infrastructure Management Services and Renewable Energy. Prior to joining Morgan Stanley, Gautam worked for Advanced Technology Materials, Inc. (ATMI), a semiconductor technology start-up, as Director of Business Development wherein he was responsible for pursuing growth opportunities in new markets, identifying targets and executing acquisitions.

Gautam holds an MBA in Finance from the Stern School of Business at New York University. He also earned a Ph.D. in Chemistry from the University of Delaware. He is a published author of several scientific papers and is the inventor of twenty patents in the semiconductor industry.

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Seth Freeman - Moderator
CEO & Chief Investment Officer EM Capital Management

Seth R. Freeman is the CEO and Chief Investment Officer of EM Capital Management, LLC, an U.S. SEC registered investment adviser and fund manager specializing in emerging and frontier markets with a long-term India-dedicated strategy, where it has been active since 2004. Co-founders and Senior Advisors include Dhruba Gupta, former Deputy Treasurer of the IMF; and G.N. Bajpai, former Chairman of SEBI, Life Insurance Corporation and the National Stock Ex-change of India and a globally recognized advocate of emerging markets corporate governance. The firm’s U.S. headquarters are in San Francisco with senior investment professionals located in Mumbai, Delhi, Singapore, Hong Kong, Hanoi and New York. EM Capital Management (Hong Kong) Limited was recently launched as a hub for research and to manage investment implemen-tation in the Greater-China region and Southeast Asia, including Vietnam, Cambodia and Laos.

EMCM is a signatory of UN PRI and UN Global Compact and serves as Lead Investor -India for the Emerging Markets Disclosure Project (EMDP) with the mission to measure, and improve ESG practices and reporting by Indian companies. EM Capital Management seeks to establish a lead-ing role in ESG emerging markets investing and is preparing the first ESG global emerging mar-kets funds for U.S. investors and a parallel UCITS-III for European investors.

Seth is responsible for global business strategy, client service and asset management. He is the Lead Portfolio Manager of EM Capital India Gateway Fund (EMINX) a mid and small cap bias India-focused mutual fund and several India-focused private equity and hybrid investment ve-hicles for U.S. and off-shore investors. He appears weekly on NDTV-Profit in India and is a fre-quent contributor on Bloomberg TV, CNBC and CNBC Awaaz and is quoted in the Wall Street Journal, Economic Times, Business Standard, DNA India, Business Week, Forbes, Bloomberg and other publications. Seth teaches seminars and speaks on investing in emerging markets with an emphasis on India at leading MBA programs including UC Berkeley Haas, Thunderbird, Whar-ton, NYU, Columbia and Harvard. He frequently teaches master-classes and chairs, moderates or serves as a panelist at major investment conferences around the world. Prior to co-founding EM Capital Management, he was the Senior Emerging Markets Consultant at Barr Rosenberg Investment Management, now AXA Rosenberg, a unit of AXA IM. Seth holds an MBA in Interna-tional Management from Thunderbird and is an Executive in Residence at the Thunderbird Global Financial Services Center. He is also a Certified Insolvency & Restructuring Advisor (CIRA) and advises boards, funds, investors, agencies and creditors on emerging markets due diligence and resolving complex, cross-border investment problems including operational and financial restruc-turing, fraud detection and recovery and cross-border insolvency and distressed assets. Seth may be contacted at: seth.freeman@emcapitalmanagement.com.

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