President Donald Trump announced his intent to nominate an Indian-American from New York as a member of the Board of Directors of the International Development Finance Corporation.
Deven Parekh of New York, will occupy that post for a term of three years if the U.S. Senate confirms his nomination once it is received from the President.
The IDFC is United States’ development bank with partners witht he private sector to finance solutions to critical challenges facing the developing world across a range of activities including energy, healthcare, critical infrastructure, technology, small business and women entrepreneurs, to engage in “transformative projects.”
Parekh is a Managing Director at the software investment firm Insight Partners since 2000. He manages investments in application software, data, and consumer internet businesses globally.
Notable previous companies in Parekh’s portfolio, according to his bio on the company website, have included Buddy Media (acquired by Salesforce, NASDAQ: CRM), Chegg (IPO), Football Fanatics (acquired by GSI Commerce, later acquired by eBay), Media Mind (IPO and subsequent sale to DG Fast Channel), Procuri (acquired by Ariba, NASDAQ: ARBA), ECI Solution (sold to Carlyle), Russian Trading System (merged with MICEX), Tumblr (acquired by Yahoo!), Hayneedle (sale to Jet.com), Syncsort (sale to Clearlake Capital), Alibaba (IPO), Twitter (IPO), JD.com (IPO), Website Pros (IPO), Yext (IPO), Despagar (IPO), Enverus (sale to Genstar Capital under former name Drilling Info), Turnitin (sale to Advance) and eVestment (sale to NASDAQ).
He is a global investor, having actively worked with investments in Europe, Israel, China, India, Latin America, and Russia, according to Insight Partners.
Parekh currently serves as Board Chair for Bullhorn, Appriss, and EveryAction, and he is a member of the Board of Directors for numerous companies.
He was previously a Principal at Berenson Minella & Company, a New York based merchant banking firm where he served on the firm’s M&A Committee. Prior to Berenson Minella, Parekh was with The Blackstone Group.
The Forbes Midas list selected Parekh for successive years from 2014 to 2018.
In 2016, 2018, and 2019 he was selected as a Top 100 Venture Capitalist by CB Insights, and in 2014, was named by AlwaysOn as a Venture Capital 100 winner for his investments in Twitter and Chegg.
He was also nominated by President Obama and confirmed by the U.S. Senate in 2016 to be on the Overseas Private Investment Corporation Board, now part of the U.S. International Development Finance Corporation.
From 2010–2012, Parekh served as a Member of the Advisory Board of the U.S. Export-Import Bank, the official export credit agent of the United States.
He also previously served as a Member of the Technical Advisory Council of the Federal Communications Commission, assisting with developing informed technology policies to support America’s competitiveness and job creation in the global economy.
Currently, Parekh serves on the Board of Overseers of NYU Langone and is a Member of the Board of the Tisch New York MS Research Center.
He has previously served on the Board of Trustees and Executive Committee of the Ethical Culture Fieldston School, and he is Chairman Emeritus of the Board of Publicolor, a New York City based non-profit organization that focuses on inner city schools, which he chaired from 2007 – 2012.
In 2006, Parekh was named a Henry Crown Fellow of the prestigious Aspen Institute, which seeks to develop the next generation of community spirited leaders.
He is also a member of the Council on Foreign Relations as well as the Economic Club of New York.
He received a BS in Economics from the Wharton School at the University of Pennsylvania