U.S. Senate confirms Deven J. Parekh and Todd A. Fisher as new private sectore members to OPIC Board of Directors
May 19, 2016
WASHINGTON – Last night, the U.S. Senate confirmed two new private sector members to the Overseas Private Investment Corporation’s (OPIC) Board of Directors. Deven J. Parekh and Todd A. Fisher are expected to begin their service at OPIC’s upcoming Board of Directors meeting in June. OPIC is the U.S. Government’s Development Finance Institution. OPIC’s Board of Directors consists of fifteen members - eight from the private sector and seven from the federal government. Mr. Parekh and Mr. Fisher were advanced for full Senate consideration by the Senate Foreign Relations Committee in July, before being confirmed by the Senate yesterday.
“I am pleased to have Mr. Parekh and Mr. Fisher join the OPIC Board of Directors,” said Elizabeth L. Littlefield, OPIC’s President and CEO. “As we consider impactful development projects, OPIC will certainly benefit from their expertise in investment and international business. I look forward to adding their perspectives and insights to our Board of Directors.”
Deven J. Parekh is currently a managing director at Insight Venture Partners, a position he has held since 2001. Mr. Parekh held a number of roles at Berenson Minella & Company between 1992 and 2000, including Principal and Vice President. Previously, from 1991 to 1992, he was a financial analyst for the Blackstone Group. Mr. Parekh has served as a Member of the Technological Advisory Council of the Federal Communications Commission since 2011. He is a Member of the Board of Publicolor, which he chaired from 2007 to 2012. Mr. Parekh is Treasurer and Member of the Board of Governors of the National Academy Museum, a Member of the Board of the Tisch MS Research Center of New York, and a Member of the Greater NY Partnership. He is a Member of the Council on Foreign Relations and the Economic Club of New York. In 2006, he was named a Henry Crown Fellow of the Aspen Institute. Mr. Parekh received a B.S. from the Wharton School of the University of Pennsylvania.
Todd A. Fisher is Global Chief Administrative Officer at Kohlberg Kravis Roberts & Co (KKR), a position he has held since 2008. He also oversees KKR’s real estate investment business. Mr. Fisher joined KKR in 1993 as a private equity executive in the United States and Europe. He is a member of KKR’s Real Estate Investment and Portfolio Committees and Chair of KKR’s Management Committee and Risk Committee. He previously served as a member of KKR’s Private Equity Investment Committee. Mr. Fisher previously worked for Goldman, Sachs & Co. in New York and for Drexel Burnham Lambert in Los Angeles. He has served as a Member of the United States Holocaust Memorial Council since 2013. Mr. Fisher is a member of the Board of Trustees of Brown University, and the Vice Chairman of the Board of Advisors of Johns Hopkins School of Advanced International Studies. He is also a Member of the Council on Foreign Relations. Mr. Fisher received a B.A. from Brown University, an M.A. from The John Hopkins University Paul H. Nitze School of Advanced International Studies, and an M.B.A. from the Wharton School of the University of Pennsylvania.
The OPIC Board of Directors, which meets four times per year, provides policy guidance to the Corporation and approves all major insurance, project finance and investment funds projects. Mr. Parekh and Mr. Fisher will serve on the OPIC Board of Directors through the end of the Administration and until their successors are confirmed.
Of the fifteen members of OPIC’s Board of Directors, at least two of the private sector directors must be experienced in small business, one must represent organized labor, and another must have experience in cooperatives. Government members include the Administrator of the Agency for International Development (USAID), the United States Trade Representative (USTR) or Deputy U.S. Trade Representative, the President of OPIC, and senior officials from the Departments of State, Treasury, Commerce, and Labor. All private-sector members must be appointed by the President of the United States and confirmed by the U.S. Senate.
OPIC is the U.S. Government’s development finance institution. It mobilizes private capital to help address critical development challenges and in doing so, advances U.S. foreign policy and national security priorities. Because OPIC works with the U.S. private sector, it helps U.S. businesses gain footholds in emerging markets, catalyzing revenues, jobs and growth opportunities both at home and abroad. OPIC achieves its mission by providing investors with financing, political risk insurance, and support for private equity investment funds, when commercial funding cannot be obtained elsewhere. Established as an agency of the U.S. Government in 1971, OPIC operates on a self-sustaining basis at no net cost to American taxpayers.
All OPIC projects adhere to high environmental and social standards and respect human rights, including worker's rights. By mandating high standards, OPIC helps raise the industry and regional standards of the countries in which its projects operate. OPIC services are available for new and expanding business enterprises in more than 160 countries worldwide.