AsianFin -- Private equity firm Permira Holdings Ltd. is revamping its Asia strategy by closing its offices in Hong Kong and Shanghai and relocating senior leadership to India, according to people familiar with the matter.

Siddarth Narayan, currently Managing Director and Head of India, is set to take over as Head of Asia later this year, reflecting the firm's strategic pivot toward the Indian market.

“Looking across the Asia-Pacific today, India stands out as a market where our platform has a competitive advantage,” Dipan Patel, Co-Managing Partner, said in an emailed response to Bloomberg. “We are focused on backing companies aligned with long-term growth trends that match our transatlantic investment strategy—and India has many such opportunities.”

The shift comes as global investors increasingly look to India as a key growth engine in the region, amid rising geopolitical uncertainty and slower dealmaking in China.