IL&FS acquires Saffron Assets Advisors
IL&FS Investment Managers has acquired for an undisclosed amount the real estate-focused PE firm Saffron Assets Advisors, which has $400 million under management, bringing the total assets under IL&FS’ management to $3.2 billion and securing its spot as the largest private equity firm in the Indian market.
IL&FS, the only publicly listed private equity firm in India, will now control the businesses of both Saffron's funds: Yatra Capital Ltd, which is listed on the Euronext Stock Exchange, and the Saffron India Real Estate Fund I, which counts Britain's Standard Life as a key investor. Mumbai-based Saffron has reportedly invested $260 million across 16 transactions since 2005.
The acquisition adds to IL&FS' existing real estate-focused vehicles, which include the $525 million India Realty Fund I and $895 million IL&FS India Realty Fund II, according to reports. Of IL&FS' current $2.8 billion under management, $400 million is reportedly allocated to growth capital; $700 million is slated for infrastructure; and $1.6 billion is focused on real estate.
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