By Bernardo Vizcaino
In January, ICD signed a shareholder agreement with the PE arm of IL&FS to launch an Africa-focused infrastructure fund with $105 million in seed capital.
The deal size is estimated to be around Rs 100 crore ($13.5 million).
The PE firm has substantially reduced its shareholding from 58.86 per cent to 1.36 per cent.
The buyout major made the investment from its $6.5-billion Carlyle Asia Partners V fund.
China-ASEAN Investment Cooperation Fund (CAF) is reportedly seeking up to $3 billion for its latest fund.
The vehicle has so far raised $280 million and expects to secure further commitments from now through December.
For its India infrastructure business, KKR has hired Hardik Shah from investment management firm Brookfield Asset Management, where he was responsible for sourcing and executing infrastructure deals.
About 70-80 per cent of buyouts in Asia today are secondaries i.e. from one PE firm to another.
KKR’s two Indian credit units may spend as much as 20 billion rupees ($270 million) combined to purchase portfolios from local NBFCs.
The divestment gives Ekuinas an IRR of 26.8% and money multiple of 1.96 times the capital invested.