PE firm Eastgate Capital seeks exit from boutique investment bank Avendus

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An existing institutional investor in Avendus Capital Pvt. Ltd is preparing to exit from the boutique investment bank, according to two people with knowledge of the matter. Eastgate Capital Group (ECG), the private equity unit of NCB Capital, the investment banking arm of the National Commercial Bank of Saudi Arabia… Read more »

India: Private equity player KKR to acquire majority stake in investment bank Avendus Capital

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US-based private equity group KKR is set to acquire a majority stake in Mumbai-based investment banking firm Avendus Capital for about $100 million, as per a report in The Economic Times. As part of the proposed deal, KKR will acquire controlling stake in the Indian firm by subscribing to both… Read more »


Private equity major Bain Capital picks up 5% in India’s L&T Finance for $107m

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Private equity giant Bain Capital has picked up 5% stake in L&T Finance Holdings Ltd.  (L&TFH), the financial services arm of the engineering major Larsen & Toubro, for $107 million (Rs 708 crore), L&T disclosed in a BSE filing on Monday. The board of directors of L&TFH has approved a… Read more »


India: Travel Food Services looks to raise $40m from private equity funds to expand footprint

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Travel Food Services Pvt. Ltd (TFS), which develops and manages food and beverage outlets and lounges across domestic airports in cities like Mumbai, Delhi and Chennai, is looking to raise up to $40 million from private equity funds, said three people familiar with the deal, including a private equity fund… Read more »


FBI probes Malaysia’s beleaguered 1MDB Fund on money laundering allegations: Report

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The US Federal Bureau of Investigation (FBI) has launched an investigation into allegations of money-laundering in relation to Malaysian state fund 1Malaysia Development Berhad (1MDB), the Wall Street Journal reported, citing an unidentified source. The scope of the investigation into the debt-laden 1MDB was not clear, according to “a person… Read more »


India: Ascent, OrbiMed plan to sell stake in Kerala Institute of Medical Sciences hospital chain

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Ascent Capital Pvt. Ltd and OrbiMed Advisors LLC, private equity investors in Kerala Institute of Medical Sciences (KIMS), a hospital chain, plan to exit their three-year-old investment, said two people familiar with the plan. The two investors, who jointly hold a significant minority stake in KIMS, are in the process… Read more »


Ardian to buy $1b of Singapore’s GIC private-equity fund stakes

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French alternative asset manager Ardian has agreed to purchase a portfolio of private-equity (PE) fund stakes worth $1 billion from Singapore sovereign wealth fund GIC, a report said, citing industry sources. Citing people familiar with knowledge of the deal, Bloomberg reported that the PE firm made a preemptive offer to GIC at a… Read more »


Blackstone buys Serco’s BPO business for $384m

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British outsourcing firm Serco announced the sale of its Gurgaon, India-based Business Process Outsourcing operation to private equity firm Blackstone for a total 250 million pounds ($384 million). This is the largest acquisition by Blackstone in India, which is now back in the BPO business after selling it to Serco for… Read more »


India: SmartTrak in advanced talks to raise $25m in private equity

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SmartTrak Solar Systems Pvt. Ltd, a maker of solar trackers and inverters, is in advanced talks to raise $25 million in the next three months from a US-based private equity investor, its top executive said. This would be the firm’s first external round of funding which could help it enter… Read more »


Everstone Capital raises $730 million for its third fund

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Everstone Capital Partners III, the private equity fund of Everstone Group, has raised $730 million for its third fund on Tuesday, the company said in a statement. The fundraising comprises $700 million of capital committed by limited partners, which include institutional investors, and an additional $30 million commitment from Everstone… Read more »