Our People

Investments

Rohan Sikri

Vishal Kumar

Amar Merani

Kunjal Jadhav

Arpit Singh

Puneet Jain

Rohit Khandelwal

Shakendra Bhandari

Shaurya Singh

Vivek Agarwal

Srinivasan J

Kedar Kalbag

Ashish Gangal

Himanshu Narang

Sunay Parekh

Sourabh Kothari

Arvind Ratan

Anirban Bhar

Sun Shuyu

Rohan Sikri

Senior Partner


Rohan Sikri is a Senior Partner at The Xander Group Inc., and heads the firmís real estate investment management program for Asia. Based in Singapore, he chairs the investment committee for the Xander Funds and the credit committee for Xander Finance. He is also a member of the firmís management committee.

Earlier, from 2005 to 2010, he co-founded and subsequently supervised Xanderís India investment program and built a US$ 1.4 billion equity investment portfolio across direct acquisitions, development partnerships and platform joint ventures, in core and non-core commercial real estate, retail, hotels, residential, industrial, and infrastructure. The portfolio has already seen profitable exits in excess of US$ 1 billion, a rarity in that market. In 2010, he was instrumental in setting up Xander Finance, the group's credit platform in India, where he serves as Chairman of the board. He is also a board member of Virtuous Retail South Asia Pte. Ltd., an integrated retail mall developer, owner and asset manager for India, set up in 2016 as a US $450 million JV between APG Asset Management and Xander Retail Partners. Mr. Sikri also represents the firm on the boards of key portfolio companies.

From 1999 to 2005, Mr. Sikri was with CBRE in India, initially as part of the Strategic Consulting Group, and later as the head of a corporate finance practice for the firm that he set up. During this time, he advised on complex situations involving opportunity, strategy, structuring, government, regulation and domestic and international capital flows. Mr. Sikriís 18 years in the real estate industry, across multiple Asian markets including India, Indonesia, Japan, Singapore, Vietnam, Thailand and the Middle East, in different roles, and through market cycles, provides him a unique insight into identifying opportunities, market dislocations, and pricing risk.

A graduate in Commerce with Honors from St. Xavier's College, Calcutta, he secured an MBA with dual specialization in Finance and Marketing from the International Management Institute. He has played national level squash, been a state-level 1,500 meters swimmer, enjoys running and is a keen golfer.

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Vivek Agarwal

Vice President, Xander Finance


Based in Delhi, Vivek is responsible for Xander Financeís portfolio investments in the northern and eastern India markets.

Vivek has more than 10 years of experience in due diligence, assurance and private equity. Prior to joining Xander in 2010, he was a Senior Associate at EY's Transaction Advisory Practice, where he assisted private equity firms and corporate houses in financial due diligence across varied industry sectors. Vivek also worked with PwC from 2005 to 2006 at various positions as part of their assurance practice.

Vivek holds a Bachelor of Commerce degree from the University of Delhi, New Delhi and is a qualified Chartered Accountant.

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Rohit Khandelwal

Vice President


Rohit Khandelwal joined Xander in 2009 and is based in the firm's Singapore office. He focuses on analyzing investments in capital markets, and developing and executing hedging and financing strategies and monetization opportunities for portfolio investments. Additionally, he has responsibility for risk management, compliance and corporate structuring in certain specific jurisdictions in which the firm operates.

Rohit has over 10 years of experience spanning private equity, transaction & corporate structuring, risk management & advisory, taxation, assurance and compliance. Prior to Xander, Rohit was an Executive at Ernst & Young where he was responsible for providing assurance and advisory business services to firms engaged in infrastructure, power and real estate. In this role, he was responsible for audits and group reporting of listed global infrastructure firms and capital market offering of leading real estate developers in Northern India.

Rohit is a Chartered Accountant and Qualified Valuer with The Institute of Chartered Accountants of India. He graduated in Commerce from Shri Ram College of Commerce, University of Delhi.

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Arpit Singh

Vice President


Part of Xanderís investment team since 2010, Arpit has close to 8 years of direct experience in the Indian real estate space. At Xander, Arpit focuses on Office / Commercial real estate, logistics and infrastructure investments across India / South East Asia. Based in Singapore, Arpit is closely involved in the Firmís Core+ investment strategy and is currently responsible for deal origination, onshore/offshore transaction structuring, financial negotiations, due diligence, legal agreement negotiations and post investment portfolio management.

Prior to Xander, Arpit was part of the real estate transactions team at Kotak Mahindra Capital Company, a leading Indian investment bank, where he closed multiple Capital Markets and Private Equity transactions and raised US$350 MM of capital for real estate firms.

Arpit is an active real estate industry contributor, is a ULI member and is involved with various ANREV (INREVís Asia chapter) initiatives / events / conferences in varying capacity as organizer, panelist, etc.

Arpit received an MBA with dual specialization in Finance and Strategy from the Indian Institute of Management, Lucknow (IIM Lucknow), and graduated with distinction from Delhi College of Engineering (DCE) in Mechanical Engineering.

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Amar Merani

Managing Director & CEO, Xander Finance


Based in Mumbai, Amar Merani heads Xanderís credit platform in India since 2012. He is responsible for its growth and profitability as well as regulatory interface and over-sight of the liabilities side of the business.

He brings with him over 22 years of investment banking, lending and consulting experience and has led several M&A and private equity transactions, IPOs and follow on equity offerings, as well as Project and Structured Finance transactions.

From 2007 to early 2012, Amar headed the real estate vertical of Kotak Investment Banking which raised over US$1.5 BB of equity for leading real estate developers in their public or private equity offerings to international and domestic institutional investors. He also led corporate restructuring and advisory assignments for leading real estate and infrastructure groups. During his tenure at Kotak, the firm was conferred the ďBest in Equity FinancingĒ awards in the Euromoney Poll for Real Estate in 2010 and 2011.

Earlier, from 2004 to 2006, Amar was with Lazard India where he helped revive the firmís M&A franchise by generating and executing several transactions in the Telecom, Media and Technology sectors. Amar has also worked at IL&FS in the Corporate Lending, Project Finance Advisory and Infrastructure Debt Syndication team where he was responsible for the financial closure of one of Indiaís first BOT toll-road projects, and advised several power and telecom companies on project financing. He started his career with a stint at PwC in their Consulting practice in Mumbai.

Amar is an Electrical Engineer from VJTI, Mumbai and holds an MBA from NMIMS, Mumbai.

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Ashish Gangal

Associate, Xander Finance


Based in Mumbai, Ashish Gangal focuses on Xander Financeís portfolio investments in India.

Prior to Xander, Ashish was a part of the Investment Banking Research Division of J.P. Morgan and was involved in deals across sectors such as infrastructure, telecommunication and transport. Earlier, he worked with Vistasoft India, a buy-side equity research unit of the New York-based hedge fund Roc Capital Management LP. He has also worked with Tata Consultancy Services from 2006 to 2008 as a software engineer.

Ashish received an MBA from Symbiosis Institute of Business Management, Pune, and holds a Bachelor of Engineering degree from Mumbai University.

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Sun Shuyu

Research Analyst


Sun Shuyu joined the firmís Singapore office in 2016. As a research analyst, Shuyu focuses on market research of various real estate asset classes in India and emerging markets in South East Asia, working closely with the Investments team.

Prior to joining Xander, Shuyu was Senior Research Analyst, Jones Lang LaSalle Singapore, where she spent 3 years. At JLL, she was responsible for the Singapore property investment market analysis across all asset types, and was the lead Research Analyst for the Singapore Retail real estate market for the last 2 years. During her stint at JLL, she also spent one year in the Capital Markets team working on high-end residential research and land auction market analyses.

With a major in Real Estate, Shuyu received a Bachelor of Science (Honours) degree from the National University of Singapore. At present, she is a CFA candidate.

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Shaurya Singh

Vice President, Xander Finance


Shaurya Singh is based in Bengaluru and focuses on Xander Financeís portfolio investments in the southern markets of India. He has over 10 years of experience in various segments comprising real estate financing and advisory, corporate banking and infrastructure project acquisitions.

Prior to joining Xander Finance, he led the Real Estate vertical of Standard Chartered Bank in the SME space for Karnataka, where he was responsible for real estate lending in the region. Prior to that, he was in JLL where he advised developers in Bengaluru on equity and debt raising. Between 2003 and 2007, Shaurya worked at Siemens as a part of the bid team responsible for acquisition of Mass Transit infrastructure projects being developed on PPP format in India.

Shaurya received an MBA in Finance and Strategy from the Indian School of Business, Hyderabad and holds a Bachelor of Electronics Engineering degree from Mumbai University.

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Shakendra Bhandari

Vice President, Xander Finance


Shakendra Bhandari is based in the Mumbai office and is responsible for Xander Financeís portfolio investments in the Non-Real Estate domain. He brings with him 8 years of experience across various roles in credit investments and corporate strategy. His last assignment from 2013-15 was with Karvy Capital, where he had built its Non-RE structured finance business.

Earlier, from 2011 to 2012 Shakendra was with Nomura Services India as part of its High Yield Debt Products team for their proposed Family Office. Prior to Nomura, from 2008 to 2010, Shakendra was part of the Bilakhia Groupís Corporate Strategy team overseeing their Education Technology Venture. Shakendra started his career with Morgan Stanleyís Structured Credit Offshore team from early 2007 to mid-2008, advising firms on raising capital across the capital structure in the Americas and Europe region.

Shakendra completed his MBA from KJ Somaiya Institute of Management Studies in 2006 and BS (IT) from Indraprastha University, Delhi in 2004.

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Vishal Kumar

Managing Director


Vishal is Managing Director and a senior member of the investment team. He has been with Xander since 2006 and is well versed with all key real estate markets in India.

He has led deal teams on Xanderís largest real estate investments and is directly involved in negotiations, due diligence, documentation and structuring of investments transactions. Vishal has completed several exits successfully including sourcing exit opportunities, structuring and negotiation. With deep relationships across developers, intermediaries, and service providers, Vishal ensures superior and proprietary deal flow for the firm.

In 2010, Vishal was a key member of the team that set up Xander Finance. For two years, he was involved closely with the set up and operations of Xander Finance, post which he was instrumental in inducting a senior management team to run the platform. He continues to serve on the credit committee. Vishal spends substantial time with existing portfolio companies to improve their financial and operating performance. He helps identify risks and put mitigating measures in place. Vishal also leads the in-house financial administration team which is responsible for financial control, treasury and capital management of portfolio companies. Vishal is also the firmís lead on tax and legal structuring for all investments and exits.

Prior to Xander, Vishal spent 4 years at Deloitte where he led engagement teams in Mergers & Investments, Valuations, Business Planning, Fund Raising, Due Diligence as well as strategy formulation. His clients included some of the largest Indian and international corporates as well as the Government of India. Vishal has also spent 2 years at Ernst & Young in the financial assurance team and focused on legal, accounting, and corporate practices in India.

Vishal is a graduate in Commerce with Honors from Shri Ram College of Commerce, University of Delhi. He is a qualified Chartered Accountant and a gold medalist MBA from the Institute of Management Technology.

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Puneet Jain

Vice President, Xander Finance


Puneet Jain is based in Mumbai and focuses on Xander Financeís portfolio investments in the western markets of India. He has over 9 years of experience in real estate investments and extensive experience in various functions comprising credit underwriting, deal structuring, sourcing and recovery of stressed assets.

Prior to Xander, Puneet was part of the team that started Commercial Real Estate Operations within the Kotak Mahindra Group and was handling investments in the western markets. Prior to Kotak, he was part of Mahajan & Aibara's management consulting division.

Puneet is a Chartered Accountant from The Institute of Chartered Accountants of India and holds a Bachelor of Commerce degree from Mumbai University.

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Sourabh Kothari

Analyst, Xander Finance


Based in Mumbai, Sourabh Kothari focuses on Xander Financeís portfolio investments in India.

Prior to Xander, Sourabh was part of the Investment Banking Division of Nomura in Mumbai and New York. He worked with senior bankers on ongoing deals, valuation models, due diligence, preparation of pitch-books, industry analysis and strategic analysis of potential targets. He was involved on several buy-side/sell-side transactions across healthcare services, medtech/devices, pharmaceuticals and biotech. Before Nomura, Sourabh interned with TATA Administration Services.

Sourabh received an MBA with dual specialization in Finance and Strategy from the Indian Institute of Management, Shillong. He graduated in Commerce from Shri Ram College of Commerce, University of Delhi.

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Himanshu Narang

Associate, Xander Finance


Based in Mumbai, Himanshu Narang focuses on Xander Financeís portfolio investments in India.

Prior to Xander, Himanshu was a part of the Investment Banking Division of Lincoln International and was involved in deals across sectors such as chemicals, consumer and retail. Earlier, he worked with J.P. Morgan in the Investment Banking Research Division in the chemicals, infrastructure and industrial sectors. He has also worked with Honeywell Automation India from 2007 to 2009 as an Application Engineer.

Himanshu received an MBA from IIM-Indore and holds a Bachelor of Technology degree from UPES, Dehradun.

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Arvind Ratan

Analyst, Xander Finance


Based in Mumbai, Arvind Ratan focuses on Xander Financeís portfolio investments in India.

Prior to Xander, Arvind was part of the Investment Banking Division of J.P. Morgan in Mumbai and London where he worked with the investment banking teams in Telecom, Media and Technology as well as Acquisition & Leveraged Finance sectors. His responsibilities included creating financial models, information memorandums, due diligence, lendersí presentations and pitch-books, industry coverage and analysis of acquisition targets. Prior to his MBA, Arvind worked with Cadence Design Systems in the Electronic Design Verification division.

Arvind received an MBA, with specialization in Finance and Strategy, from the Indian Institute of Management, Kozhikode and holds a Bachelor of Engineering degree in Electronics and Communication Engineering from the Delhi College of Engineering.

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Anirban Bhar

Analyst, Xander Finance


Based in Mumbai, Anirban Bhar focuses on Xander Financeís portfolio investments in India.

Prior to Xander, Anirban was associated with the Investment Banking team at J.P. Morgan, Mumbai where he was aligned to the Healthcare franchise in India and Europe. He was actively involved in a diverse set of deals where he has worked on financial models, evaluation of potential targets and opportunities, conducting due diligence and preparation of marketing pitchbooks. Prior to his MBA, he was associated with Boston Analytics.

Anirban received an MBA from IIM, Kozhikode and holds a Bachelor of Engineering degree in Mechanical Engineering from Delhi College of Engineering.

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Kunjal Jadhav

Head Corporate Lending, Xander Finance


Kunjal Jadhav is based in Mumbai and is responsible for Xander Financeís portfolio investments in the non-real estate domain. He has over 15 years of experience in various segments comprising Corporate Banking, Digital wallets, Consulting and Technology. He brings significant experience in providing debt/mezzanine financing solutions to corporates across varied sectors such as hospitality, power, manufacturing and aviation.

Prior to Xander, Kunjal was heading the B2B digital wallet business for Vodafone Mpesa in India. Prior to Vodafone, Kunjal was an Assistant General Manager with ICICI Bank in their Corporate Banking Group where he was responsible for providing financing to large and medium corporates across sectors.

Kunjal is a Mechanical Engineer from Karnatak University and holds a Masters in Management Studies from Jamnalal Bajaj Institute of Management Studies.

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Srinivasan J

Associate Vice President, Xander Finance


Based in Chennai, Srinivasan Jagadeesan focuses on Xander Financeís portfolio investments in the southern markets of India.

Prior to Xander, he led the Real Estate division of Kotak Mahindra Investments Limited for Chennai Region where he was responsible for deal origination, structuring, financial negotiation, monitoring of existing investments, recovery of stressed assets. During this tenure, he funded more than USD 300 million to real estate developers and monitored several successful exits.

Prior to this, he worked with IDBI Capital where he advised infrastructure companies on fund raising and debt restructuring.

Srinivasan received an MBA in Finance and Strategy from Indian Institute of Management, Indore (IIM Indore) and graduated with distinction in Bachelors of Engineering from Anna University, Chennai.

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Kedar Kalbag

Associate Vice President, Xander Finance


Based in Mumbai, Kedar Kalbag focuses on Xander Financeís portfolio investments in the Non-Real Estate domain. He brings with him 9 years of experience across various roles comprising structured finance, investment banking and M&A and PE advisory.

Prior to joining Xander, Kedar worked for a brief while with the Structured Finance Group (SFG) at Piramal Finance Private Ltd where he was part of the team focused on building the sector agnostic Non-RE book. Prior to this, he worked in the Structured Finance team with the NBFC arm of Edelweiss Capital where he was involved in deals across various sectors including manufacturing, media, logistics, auto comps, industrials, infrastructure and hospitality. Earlier he was part of the M&A and PE advisory team at IDBI Capital advising firms on their capital raising efforts. Kedar started his career as part of the Investment Banking Research Division of J.P. Morgan where he was aligned to the Diversified Industrials team in New York.

Kedar is a qualified Chartered Accountant from The Institute of Chartered Accountants of India (ICAI) and holds a Masters of Commerce degree from Mumbai University. He has also completed his Masterís in Business Finance from ICAI.

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Sunay Parekh

Associate, Xander Finance


Based in Mumbai, Sunay focuses on Xander Financeís portfolio investments in India.

Prior to Xander, Sunay was a part of the Investments team of HDFC Property Fund from May 2014 to November 2016, where he worked on several deals in the residential real estate sector in India that included investment with Mahagun group for its luxury housing project in Noida and with Paranjape Schemes for its affordable housing project in South Pune. Earlier, he worked with KPMG in its audit and assurance practice at Mumbai assisting NBFCs and Broking houses with financial audit and advisory.

Sunay received an MBA from Indian School of Business, Hyderabad and holds a Bachelor of Commerce degree from Mumbai University. He is also a qualified Chartered Accountant.

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