Local, experienced, on-the-ground investment and operating teams

Associate, Investments and Research
Abhijay is involved in investment research, deal sourcing, diligence, and execution at Zephyr. Prior to joining Zephyr, Abhijay worked at JP Morgan where he worked on M&A, IPO and private equity buyouts. Abhijay also has prior experience with BCG and IDBI Capital Markets and Securities. He holds a Master's degree in Applied Finance from Singapore Management University.

Senior Advisor
Andrea serves as a mentor to the India investment team. He has over 30 years of investing experience and was a senior partner with some of North America’s largest private equity firms. He was a founder and managing director of Fenway Partners (1994 to 2006), a US$1Bn+ buy-out firm. Prior to that he served as a senior partner with Butler Capital, another US$1Bn+ private equity fund. During this period, Andrea executed investments representing over US$1bn in capital across a variety of industries with a focus on retail and consumer products. He has worked for the family office of the Agnelli family and was a portfolio manager with Lazard Freres. Andrea holds a PMD from Harvard University and a Bachelors in Economics from Bocconi University (Milano).

Information Technology
James Raymond joined Zephyr Management in September of 2004 to run their Information Technology Department. Prior to joining Zephyr, Mr. Raymond worked as a Computer Consultant for Metrosoft, Inc. providing networking, security, Internet and office automation solutions to a wide range of installations. Mr. Raymond received his Bachelor of Arts degree in Economics from Rutgers University in June 1989.

Executive Assistant
Karen W. Held joined Zephyr in 1995 and is the Executive Assistant to Zephyr’s Chief Executive Officer and President. Prior to joining Zephyr, Karen worked with Thomas C. Barry at Rockefeller & Co., Inc. She is a Notary Public for the state of New York.

Vice President, Marketing and ESG
Laldinpuii (Din) is focused on marketing communications for Zephyr global funds and supports ESG activities. Prior to joining Zephyr, Din co-founded a business in the entertainment sector. She holds a Master’s degree in Management from the National University of Singapore and a Bachelor’s degree in Commerce, specializing in marketing, from Christ University.

Investment Analyst
Lucia has over 4 years of experience in corporate finance and consulting. She has experience in due diligence, financial modelling, business valuation, capital raising, financial analysis and financial advisory from investment banking, a start-up and a pension fund. Lucia is focused on supporting the investment team in sourcing and executing potential deals. She is involved in research and analysis of potential and existing investments, financial modelling, financial analysis, investor reporting, due diligence, monitoring portfolio performance and business support and advisory to Zephyr’s portfolio companies. Prior to joining Zephyr, Lucia was an Associate at Komaza and an Associate at Standard Investment Bank. She holds a Bachelor of Actuarial Science from JKUAT, is an ICIFA incoming member and is a CFA Program® Level I candidate.

Investment Principal
Mike has over 10 years of experience in various finance functions including banking, business analysis and private equity investing in East Africa. Mike is focused on deal sourcing, deal screening, due diligence, and execution of potential investments. He is involved in monitoring and providing management support to Zephyr’s portfolio companies, helping them implement best practice financial management, and develop and implement strategic initiatives. Mike is also responsible for fund reporting to Zephyr Acorn’s investors. Prior to joining Zephyr, Mike was a Senior Associate at Tiserin Capital and an Associate at Kibo Capital Partners. He holds a Bachelor of Commerce from JKUAT and is a CFA Program® Level III candidate.

President & CIO
Mukul Gulati is the President and Chief Investment Officer of Zephyr Management, L.P. Mukul has over 20 years of experience in the investment business including private equity, investment research and general management. Previously, Mukul worked at Multex where he was involved in setting up and managing the firm’s quantitative equity research business. Mukul is a member of Young Presidents’ Organization (YPO). Mukul has an MBA from Columbia University Graduate School of Business and is a cum laude graduate from the University of Maryland with a degree in Economics.

Manager, Accounts and Finance
Nikhil is involved in Accounting, Finance and Investor Reporting for Zephyr Peacock and Emerald Funds. Prior to joining Zephyr, Nikhil worked with S.R Batliboi & Associates LLP (a member firm of EY) providing assurance services to the corporates. Nikhil is a Qualified Chartered Accountant.

Administrative Executive
Nisha handles administrative, finance and corporate compliance functions for Zephyr’s Bangalore office. She is also actively involved in client services for the Zephyr Peacock’s domestic fund. She has over 15 years of experience in the office management, administration and secretarial works. Prior to joining Zephyr, Nisha worked at Infosys BPO as Executive Assistant to the Executive Council Board members. She holds a diploma in Secretarial Practice and Office Administration.

Investment Principal
Nonnie is responsible for deal structuring, sourcing, and execution at Zephyr Acorn. Nonnie’s experience spans across operations, strategy, fundraising and business development. She set up the first regional trade association for the East African investment community and led several strategic initiatives to promote and progress the work of investors in the area, including mobilizing additional capital and supporting local investors. Nonnie is the co-founder and CEO of ‘Try Cooked Limited’, a F&B company, which received pre-seed capital from Antler Global. She has also previously worked with Emerging Capital Partners, TBL Mirror Fund, Africa Legal Network and Africa practice. Nonnie holds an L.L.B from the University of Bristol.

Assistant Manager – Administration and Client Services
Nuomin is an Assistant Manager in Administration and Client Services. Prior to joining Zephyr, Nuomin held positions in operations, financial services, and project management for various for-profit and non-profit institutions involved in healthcare, insurance, and financial services. She has a BS in Economics from NYU Stern School of Business and is currently pursuing a JD on a part-time basis at CUNY School of Law.

Analyst, Investments and Research
Om is involved in investment research, deal sourcing, diligence, and execution at Zephyr. He has prior experience with Grant Thornton and WorldQuant. Om graduated from Indian Institute of Technology, Roorkee in 2022.

Managing Director, Research and Investments
Pankaj oversees Zephyr Peacock’s investment and research program. He has over a decade of experience in the private equity and investment banking industries. Prior to Zephyr, he worked as an Investment Manager at CapAleph Advisors where he focused on identifying and executing early stage buyouts in the consumer segment. He has also worked with Intellecap (part of the Aavishkaar-Intellecap Group) where he was responsible for identifying and executing investments in small and medium enterprises in the financial services, agri, food, and social infrastructure sectors. He holds a Masters in Finance from the London Business School and an MBA from IBS, Hyderabad.

Vice President, Portfolio Operations
Rahul oversees development and implementation of growth strategies at Zephyr. Prior to joining Zephyr, Rahul worked at Udaan Capital where he led credit operations. He also has prior experience with Reliance Nippon Life Insurance and ICICI Prudential. Rahul co-founded a business in the tourism sector. He holds an MBA in Marketing and Management from Narsee Monjee Institute of Management Studies, Mumbai.

Analyst, Investments and Research
Sahib is involved in investment research, deal sourcing, diligence, and execution at Zephyr. Prior to joining Zephyr, Sahib worked at SucSeed Ventures where he worked on deal discovery and origination. Sahib co-founded a business in the entertainment sector. He holds a Bachelor’s degree in Commerce from Christ University, Bangalore.

Managing Director
Stephen is Managing Director for Zephyr Management, L.P. He is responsible for the overall general management of the firm’s finance, legal, marketing and client service functions. He is also Senior Advisor to Zephyr Peacock PE funds in India. Prior to joining Zephyr, he served as Chairman and CEO of The Dreyfus Corporation and as a Vice Chairman of Mellon Financial Corporation. He also served as CEO of Kleinwort Benson Investment Management Americas, Mitchell Hutchins Institutional Investments and Chase Investors Management Corp. Stephen has an AB from Cornell University and an MBA from Columbia University Graduate School of Business. He is a member of the CFA Institute, New York Society of Security Analysts, Economic Club of New York and is a Trustee of Tuskegee University. Formerly, Stephen served on the Board of Governors for the Investment Company Institute and was a member of the Financial Services Roundtable.

Chairman
Thomas (Tom) is the Chairman of Zephyr Management, L.P. (Zephyr). Tom founded Zephyr in 1994 to support businesses in emerging markets. Prior to founding Zephyr, Tom was President and CEO of Rockefeller & Co., the investment management arm of the Rockefeller family. Previously, Tom was employed by T. Rowe Price Associates, Inc. where he was President of Rowe Price New Horizons Fund and Director of Research. Tom has an MBA from Harvard Business School and an undergraduate degree from Yale University where he majored in Latin American Studies. He is a Chartered Financial Analyst. Tom is also a Director or Trustee for several not for profit institutions.

Portfolio Manager and Director of Research
Tim Horsburgh is the portfolio manager and director of research for the Zephyr Waterfield Wealth and Investment Management business. Tim has over 10 years of experience in investments with experience in mutual funds, exchange-traded funds, investment research, and portfolio strategy. Previously, Tim worked at Invesco, an approximately $1.2 trillion AUM asset manager, as an investment strategist. He has a BA in Economics and Government from Cornell University in Ithaca, New York. Tim is a CFA charter holder and is a member of the CFA Society of New York.

Head of Client Services
Tina Keriazes is the Head of Client Services at Zephyr Management. Prior to joining Zephyr, Ms. Keriazes served as a securities and financial analyst within Rockefeller & Co., Inc., a firm that provides financial counsel and investment management to members of the Rockefeller family, other high net worth families, and charitable institutions. Ms. Keriazes received an MM from the J.L. Kellogg Graduate School of Management in 1991, a B.A. from Barnard College in 1986 and is a CFA charter holder.