India's Religare sells stake in Northgate Capital

Terms of the transaction were not disclosed. Religare held an 82% interest in the company as of the end of the 2015 financial year. According to a statement, Northgate - which focuses significantly on investments in the telecom, fintech and media sectors from headquarters in the US and the UK - has $4.8 billion in assets under management globally.

"Given the tremendous future growth potential that India offers for a diversified financial services platform like ours, we have taken a strategic view to consolidate and refocus our energies on our existing lending and other domestic businesses," said Sunil Godhwani, chairman and managing director of Religare.

Religare first took a majority stake in Northgate in 2010 with a $1 billion commitment that formed part of a strategy to establish a more global asset management footprint. Its India coverage includes providing loans to small and medium enterprises, capital market services, wealth management, health insurance and asset management. 

Founded in 2000, Northgate has raised and deployed 22 funds across developed and emerging markets. The Capital Partnership expects the group to expand globally and drive its capabilities in private value creation after the acquisition.

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• Topics
• South Asia
• Financials
• Fund-of-funds
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• M&A