President Biden nominates New Yorker Deven Parekh for key position in the administration

December 5, 2023

- ADVERTISEMENT -

President Biden went with US Senator Chuck Schumer’s recommendation of an Indian American to be on the board of directors of the Development Finance Corporation.

On Nov. 30, 2023, President Biden announced several key personnel he was nominating to take on high positions. These nominees will need Senate approval.

Among the names announced was that of Deven Parekh to be a member on the Development Finance Corporation Board of Directors. 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.

Parekh is a Managing Director at Insight Partners, a growth equity investment fund based in New York City. 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.

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 U.S. Export-Import Bank, and a 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 B.S. in Economics from the Wharton School at the University of Pennsylvania.