New Delhi, May 29 -- PAG, an Asia-Pacific-focused alternative investment firm, has elevated its India head of private equity,Nikhil Srivastava,to jointly lead its overall private equity business.

The appointment is effective immediately, the firm, which manages $55 billion in assets, said on Thursday. Srivastava, a partner, will also join the firm's management committee, and will work alongside David Wong, partner and co-head of PAG Private Equity.

Srivastava will succeed Lincoln Pan, partner and co-head of PAG Private Equity, who is leaving the firm to join as the chief executive officer of Jardine Matheson Holdings Ltd.

Lincoln will work at PAG until November this year, the firm said.

Srivastava joins other Indian executives at KKR,...