FrontPoint Healthcare Manager Shukla To Citi V.C. Arm

Jun 3 2011 | 12:46pm ET

A Citigroup venture capital and private equity division is the latest to take advantage of FrontPoint Partners' difficulties. Citi Venture Capital International has hired Rajiv Shukla, the former co-head of FrontPoint's emerging markets healthcare fund.

Shukla will work at CVCI's captive private equity arm, VCCircle reports, handling new investments.

CVCI focuses on developing markets, which are Shukla's specialty. He joined FrontPoint last March to co-manage its new emerging markets healthcare vehicle from Indian private equity firm ICICI Venture, and formerly worked at Pfizer and Avendus Capital.

Shukla's time at FrontPoint came to a crashing halt when his co-manager, Joseph Skowron, the head of FrontPoint's healthcare funds, was accused of insider-trading. FrontPoint shuttered its $1.5 billion healthcare funds and cut the entire team at the beginning of November.

Skowron has since been charged with insider-trading, and FrontPoint last month announced that it would close most of its hedge funds, including its flagship multi-strategy fund.

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