WASHINGTON, D.C. (TIP): President Joe Biden has nominated Deven J. Parekh, a leading Indian American global venture capitalist, to the Board of Directors of the US International Development Finance Corporation for a fresh term of three years.
The White House sent the nomination of Parekh, a Managing Director at Insight Partners, a growth equity investment fund based in New York City, to the Senate Thursday. Parekh was initially nominated as a member of the IDFC board for a term of three years by President Donald Trump in June 2020.
Since joining Insight in 2000, Parekh has made more than 140 investments in enterprise software, data, and consumer internet businesses globally, including in North America, Europe, Asia, the Middle East, Africa, Latin America, and Australia, according to his White House profile.
In addition to his work at Insight and for the Development Finance Corporation, Parekh serves as a Board Member for 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.
He has previously served on the Board of the Overseas Private Investment Corporation, the Advisory Board of the US Export-Import Bank, and the Technical Advisory Council of the Federal Communications Commission.
He is Chairman Emeritus of the Board of Publicolor, a non-profit organization focused on New York City public schools. In 2021, Parekh received the Robert F. Kennedy Ripple of Hope Award. He is also a Henry Crown Fellow of the Aspen Institute.
Prior to joining Insight, Parekh was a Principal at Berenson Minella & Company, a New York-based merchant banking firm, where he served on the M&A Committee.
He also worked for Blackstone on M&A and other investment activities. Parekh has a BS in Economics from the Wharton School at the University of Pennsylvania.
By statute, the Development Finance Corporation 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.