LGT, the international private banking and asset management group owned by the Princely House of Liechtenstein, Wednesday announced that it is acquiring India-focused impact investment fund Aspada from Soros Economic Development Fund (SEDF).
As part of the transaction, LGT will acquire the management organisation of Aspada and a significant majority position of its portfolio from Aspada’s sole shareholder SEDF, the firm said in a statement.
Some of Aspada’s investments include Lawrencedale Agro, jobs portal Aasaanjobs, local language software services company Reverie, and fresh-produce distribution startup WayCool, among others.
The acquisition will help LGT expand its impact investing platform, LGT Lightstone, the statement added. Through LGT Lightstone, LGT intends to build a global multi-billion dollar direct investing platform focused on scalable businesses providing access to improved livelihoods, information, and services for underserved consumers around the world and to promote sustainable resource utilisation.
Aspada invests in commercially scalable, high impact businesses across food supply chains, healthcare, education and financial services in India. It currently manages a portfolio of more than 15 investments totaling over $100 million in invested capital.
With the integration of Aspada into the LGT Lightstone platform, future investing efforts in India will be branded under the name LGT Lightstone Aspada, the statement said.
H.S.H. Prince Max von und zu Liechtenstein, CEO LGT, said: “We believe that there is a significant opportunity to harness breakthrough developments in technology to deliver scalable business solutions focusing on the economic advancement of underserved populations globally. LGT is deeply committed to building LGT Lightstone as a large and relevant player in this cause.”
Kartik Srivatsa, Managing Partner of Aspada, said, “We see significant opportunity in scaling Aspada’s impact investing model, which brings together a thematic ecosystem development effort to help build large businesses that have outsized developmental impact.”
As of 30 June 2019, LGT managed assets of $218 billion for wealthy private individuals and
institutional clients. LGT employs over 3500 people who work out of more than 20 locations in Europe, Asia, the Americas, and the Middle East.