USA (Commonwealth Union)_ US President Joe Biden has put forth the nomination of Deven Parekh, a highly regarded Indian-American global venture capitalist, to serve as a member of the Board of Directors of the International Development Finance Corporation (IDFC). The IDFC is a significant development finance institution and an agency within the US government. Parekh, currently the Managing Director at Insight Partners, a software investment firm, has been selected for this position, and if confirmed, his term will extend for three years, as announced by the White House in a press release.
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According to the White House statement, the US International Development Finance Corporation (DFC) Board of Directors is mandated to include four members recommended to the President by Senate and House leadership. In this instance, Parekh is the nominee endorsed by the Senate Majority Leader. Notably, in 2020, Parekh was nominated to the DFC Board of Directors by then-President Donald Trump.
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Deven Parekh is a prominent figure in the global venture capital landscape and holds positions as a Board Member in 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. Since joining Insight Partners in 2000, he has played a key role in over 140 investments in enterprises related to software, data, and consumer internet businesses worldwide, as highlighted in the White House press release.
Deven Parekh’s investment activities have spanned across various regions, including Europe, Israel, China, India, Latin America, and Russia. Noteworthy among his Indian investments is BharatPe. Parekh previously 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. According to the DFC website, with a BS in Economics from the Wharton School at the University of Pennsylvania, Parekh brings a wealth of experience to the IDFC, which is America’s development finance institution partnering with the private sector to address crucial challenges in the developing world.
