BlackRock has appointed Maheshwar Nataraj to lead its private credit business in India.

Nataraj has been leading the asset management giant’s sourcing and managing private credit investment in India, which poses “exciting opportunities,” according to a company spokesperson’s statement, reported on by Bloomberg.

He replaces Dhruva Agarwal, who is leaving after four years due to family reasons, the statement said.

Private credit fund managers have been expanding their operations in Asia, including India, in anticipation of significant growth in the region.

Late last year, HSBC hired Boomish Gopalakrishnan as director of private credit to lead the bank’s private credit business in Southeast Asia and India.

And earlier this year, Goldman Sachs inked a $1bn (£777m) partnership with Abu Dhabi’s sovereign wealth fund Mubadala Investment Company to invest in private credit across the Asia Pacific region; while UBS appointed Ben Sung as head of its corporate book for Southeast Asia.

This month, French alternative asset manager Tikehau Capital partnered with Singapore-based brokerage firm UOB-Kay Hian to launch its debut private credit fund in Asia.

And Avenue Capital recently appointed former BlackRock executive Stephanie Boenawan to explore private credit investment opportunities across Southeast Asia.