India's Religare sells stake in Landmark Partners

Financial details of the divestment were not disclosed, but Landmark's consolidated net worth was confirmed in a regulatory filing at INR2 billion ($30.6 million) as of the end of March 2015. Religare paid $171.5 million for a 55% stake in the firm in 2010, when it held some $8.5 billion of capital under management.

Landmark claims its 29 funds have been capitalized at more than $15 billion since 1989. These investments have focused on venture capital, buyout, mezzanine and real estate partnerships across about 1,600 companies and properties. The GP's management and other minority shareholders are among the acquiring parties of Religare's stake.

Religare's initial investment in the firm formed part of a strategy to globally diversify its exposure to asset management by backing various international players in the sector with strategic and capital support.

The Landmark divestment represents a continuation of Religare's pivot away from alternative asset classes, following closely on the sale of its majority stake in global fund-of-funds and direct investment group Northgate Capital. The company described the strategy broadly as a commitment to concentrate its financial services resources on the growth potential of India.

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• Topics
• South Asia
• Financials
• Trade sale
• India
• M&A
• Religare Capital