Buyout fund TIW picks majority stake in Credence Family Office

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Buyout fund TIW Private Equity has picked up a majority stake in Bangalore-headquartered Credence Family Office for an undisclosed amount.

Credence will use the proceeds to strengthen its advisory platform, increase geographical reach and improve on its operating platform, TIW said in a statement. The deal is in process of securing regulatory approvals, it added.

Established in 2010, Credence offers solutions in areas related to wealth management, tax solutions, estate planning, philanthropy, legal, lending and real estate services to high net-worth and ultra-high net-worth individuals. It also boasts of a mentorship academy for its clients, run by its advisory board.

“Our single vision continues to be able to build a family office practice that eliminates the trust deficit, one that has the trust of a family member and the expertise of an institution, helping families not only preserve and enhance wealth but also be responsible for wealth transfer and management through generations,” said Mitesh Shah, co-founder and managing partner at Credence Family office.

Meanwhile, TIW Private Equity is focused on small and medium enterprises and prefers investing in first generation entrepreneurs. The sector-agnostic investor typically picks up controlling stakes in small and medium enterprises for around Rs 50-70 crore.

TIW Private Equity is gearing up to launch a new fund next year with a targeted amount of around $100 million, DealStreetAsia reported earlier this year.