Biden Nominates Indian American Venture Capitalist to IDFC Board

Washington, Dec 5 (PTI) President Joe Biden has nominated prominent Indian-American global venture capitalist Deven Parekh as a member of the Board of Directors of the International Development Finance Corporation, a development finance institution and agency of the US government.

Parekh, the managing director at software investment firm Insight Partners, was nominated for the post last week.

His nomination will be for a period of three years, the White House said in a press release on Friday.

By statute, the US International Development Finance Corporation (DFC) Board of Directors includes four members recommended to the President from Senate and House leadership.

"Parekh is the nominee recommended by the Senate Majority Leader," the press release said.

In 2020, Parekh was nominated to the Board of Directors of the DFC by then-President Donald Trump.

The global venture capitalist is a Board Member of the Council on Foreign Relations, the Carnegie Endowment for International Peace, NYU Langone, the Tisch New York MS Research Center, and the Economic Club of New York.

Since joining Insight Partners in 2000, he has made more than 140 investments in enterprise software, data, and consumer internet businesses globally, the White House press release said.

He has actively worked for investments in Europe, Israel, China, India, Latin America, and Russia. In India, among others, he has invested in BharatPe.

Parekh served on the Overseas Private Investment Corporation board from 2016 to 2018 and was a member of the United States Export-Import Bank advisory board from 2010 to 2012.

He has a BS in Economics from the Wharton School at the University of Pennsylvania.

The US International DFC is America's development finance institution. It partners with the private sector to finance solutions to the most critical challenges facing the developing world, according to the DFC website.