Apollo India Fund’s Two Partners Quit After Split From ICICI

Two senior managing partners at Aion Capital Partners, an India-based private equity fund jointly set up by Apollo Global Management Inc. and ICICI Bank Ltd., have left the firm, according to people familiar with the matter.

Parth Gandhi and Kalpesh Kikani have resigned, the people said, asking not to be identified as the details are private. Both represented ICICI at Aion, and left after the Indian bank and the U.S. alternative asset manager snapped a nine-year alliance in June.

Aion, now named AIP Investment Advisors Pvt., will be managed by Apollo’s Utsav Baijal, one of the people said. ...