President Joe Biden has put forth the nomination of Deven Parekh, an Indian-origin global venture capitalist, for a renewed three-year term on the Board of Directors of the International Development Finance Corporation (DFC).
Currently holding the role of Managing Director at Insight Partners, a growth equity investment fund situated in New York City, Parekh brings extensive experience in enterprise software, data, and consumer internet investments across various continents.
Parekh's nomination stems from a recommendation by the Senate Majority Leader, as stipulated by the DFC Board's composition requirements. Alongside his responsibilities at Insight and for the DFC, Parekh serves on the boards of several esteemed organizations such as 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.
His involvement in the public sector includes prior service on the Board of the Overseas Private Investment Corporation, the Advisory Board of the US Export-Import Bank, and a Technical Advisory Council of the Federal Communications Commission.
Parekh's contributions and achievements have been recognized through accolades like the Robert F. Kennedy Ripple of Hope Award in 2021, and his designation as a Henry Crown Fellow of the Aspen Institute.
Before his tenure at Insight, Parekh held significant roles at Berenson Minella & Company, a New York-based merchant banking firm, and was engaged in M&A and investment activities at Blackstone. His academic background comprises a B.S. in Economics from the Wharton School at the University of Pennsylvania.
The US International Development Finance Corporation stands as America's development bank, collaborating with the private sector to fund solutions addressing challenges encountered by the developing world. Parekh's expertise and diverse involvement are poised to contribute significantly to the DFC's objectives and initiatives.
(With Agency Inputs)