Partners Group’s investment in India’s hypermarket chain Vishal Mega Mart has grown to 8.41x of its total invested capital following a fresh block trade completed on Friday (February 26).
Samayat Services LLP, a special-purpose vehicle owned by Indian PE firm Kedaara Capital and Partners Group, divested 65.25 crore equity shares in two tranches, representing a nearly 14% stake in the company worth approximately Rs 7,635.6 crore ($840 million). The shares were sold down at prices ranging from Rs 117 to Rs 117.03 each.
Switzerland-based Partners Group received pro‑rata proceeds of about $560 million, generating an IRR of roughly 36% for clients and adding another liquidity event following the supermarket’s initial public offering in India in December 2024.
Since the IPO, previous sell‑downs include a $1.2 billion block trade in June 2025, in which the group reaped $800 million. Including the latest transaction, the total distributed returns on invested capital now reach approximately 4.4x.
Partners Group retains around 27% of Vishal’s shares, allowing clients to continue participating in the retailer’s future growth and expansion plans. Samayat Services’ holding in the company, meanwhile, declined to 40.13% from 54.09%.
“The firm remains fully committed to supporting Vishal in the continued execution of its value creation plan, future growth, and expansion,” it said in a statement.
Vishal Mega Mart raised $944 million in 2024 in one of the major IPOs in India at the time. A consortium of Kedaara Capital and Partners Group had acquired Vishal Mega Mart for Rs 5,000 crore in 2018 from TPG and Shriram Group.
Vishal Mega Mart is a fashion-focused hypermarket and value retailer, operating 771 stores across 517 Indian cities, selling apparel, general merchandise and fast‑moving consumer goods to middle‑income consumers.
The firm’s share price has risen 15.6% since listing, climbing from Rs 101.19 apiece on Dec 20, 2024 to Rs 117.04 apiece on March 2, 2026, though it remains well below its Rs 157.6 peak scaled on August 26 last year. It trades at a P/E ratio of 70.41 and commands a market cap of Rs 53,900 crore ($5.85 billion).
