Harpal Randhawa, Chairman, Global Emerging Markets Group
Harpal S. Randhawa qualified as a Chartered Accountant with Touche Ross & Co in London. He also has a MBA from The City University Business School and qualified as a Member of the Association of Corporate Treasurers. After qualifying as a Chartered Accountant, Harpal joined the Corporate Finance Group of Touche Ross where he focused on advising management teams on buyouts and raising venture and development capital. He continued in this area with British & Commonwealth Merchant Bank Plc until he was appointed as a Senior Director of American Express Bank Ltd., in London where he managed client relationships with Entrepreneurial Family Businesses and Financial Institutions in Emerging Markets.
In 1993 Harpal founded Global Emerging Markets (“GEM”) which evolved into a Brokerage, Corporate Finance, Fund Management and Private Equity Group. GEM’s Fund Management Business included a JV called Gem Dolphin Investment Managers Limited in London. The Emerging Markets side of this business was sold to BNP and the rest of the business was sold to Premier Asset Management Plc. In the past twenty-nine years GEM has been an active investor in Emerging Markets but also Emerging Technologies and Growth Companies. GEM has been involved directly and indirectly in over 100 businesses and continues to have a portfolio of over fifty distinct private investments. GEM has invested in over 25 countries and has a current portfolio of investments in many of them. Harpal also co-founded antfactory, an early-stage technology investment company, which was merged with Seymour Pierce Group Plc, a then London Listed Investment Banking and Fund Management Group.
In the Financial Services Arena, Harpal was a founding partner of Sabre Capital Worldwide under the leadership of Rana Talwar, a firm that made influential investments in Financial Services Businesses in growth Economies and managed the investee businesses. Sabre’s first investment was an investment in Centurion Bank in India. Subsequently Centurion Bank merged with Bank of Punjab and other Banks to create the sixth largest private bank in India. Centurion Bank of Punjab was acquired by HDFC Bank for over $3 billion in 2008. In addition, Sabre had a 50:50 JV Asset Management Company with Fullerton Fund Management, a wholly owned subsidiary of Temasek known as Lotus. Lotus India had in excess of $2.5 billion under management. Lotus was sold to Religare. Sabre also had a $120mm Private Equity fund for Healthcare in India. In addition, Sabre had a strategic position in First City Monument Bank in Nigeria. Sabre was involved in the strategic and operational management of this bank. Besides these, Sabre Capital had a management services agreement with Bank Muscat International in Bahrain. Sabre Capital also owned Intermarket Bank in Zambia and sold 80% to Afriland Banking Group. Finally, Sabre had a Banking JV with Sistema in Russia in relation to MBRD.
Besides Sabre Capital, GEM also had an Indian Private Equity Business (Gem India Advisors) that invested in Consumer Related Businesses which invested in Sula Wines and Baker’s Circle, amongst many other companoes. GEM, was one of the earliest investors in the Indian Business Services Industry and has owned companies in IT, ITES, Call Centres and BPO. One of these is an EdTech Company, QBS Learning. GEM also owned IIS Infotech which became a part of Xansa.
Other than private equity, GEM is involved in the Real Estate Development business and has operations in several countries including in Central Europe, Russia, India and Africa. GEM also owned 50% of a construction company in Nigeria plus interests in Power and Telecom Infrastructure in Africa including Isolo Power Generation Limited in Nigeria and Gokwe North in Zimbabwe. In 2012 GEM led the restructuring of RioZim in Zimbabwe and as a result is its largest shareholder and is actively involved in the management of the company. The RioZim Group is a fully integrated metals and minerals company, producing Gold, Base Metals (Nickel, Copper and PGM’s), Chrome, Diamonds and Thermal Coal.
At present GEM’s main interests are in Real Estate, Private Equity, Venture Capital, Industrial Assets, and Natural Resources. The Industrial and Natural Resource interests are owned and managed. The other asset classes are typically minority investments.
Harpal is a past member of YPO (www.ypo.org) and served as Chairman of its London Westminster Chapter. He was also a Former and Founder Director of TiE UK (www.tie-uk.org and www.tie.org). Harpal was also a Senior Advisor to Safanad, a substantial group of family offices now headquartered in Dubai, UAE.