Kotak Alternate Asset Managers, the alternative investment arm of the Kotak Mahindra Group, said Thursday it has appointed Eshwar Karra as its deputy managing director, barely weeks after group veteran Lakshmi Iyer decided to quit.

Mr. Karra has been with the Kotak Mahindra Group for over two decades and is currently the CEO of Kotak Special Situations Fund. Previously, Karra was the CEO of Phoenix ARC, a Kotak-sponsored asset reconstruction company.

In the latest role, Karra will drive strategic initiatives across the firm, while continuing to strengthen the company’s position as a leading player in the alternative investment landscape, Kotak said in a press note.

Kotak alternate asset managers focuses on alternate asset management and investment advisory businesses. It has raised over $22 billion (Rs 1.88 trillion) across different asset classes including private equity, real estate, infrastructure, special situations, private credit, and investment advisory.

Kotak Alts has invested in various companies via its two special situations funds. These include Prius Commercial Projects, AGS Transact Technologies, Nuvoco Vistas Corp, among others.

Srini Sriniwasan, Managing director, Kotak Alternate Asset Managers, said Eshwar Karra’s leadership and expertise in consistently delivering strong results in complex investment scenarios have helped shape the group’s investment approach and further strengthened Kotak Alternates leadership position in the alternative investment space.