Advent invests in India's ASK Group

Financial terms have not been disclosed, though reports in Indian media have put the investment size at more than $120 million. ASK's founders will retain a majority stake and the current management team will remain in place.

ASK will use the new capital to strengthen its team, enter new international markets and launch new products. The company manages assets of more than $4.4 billion across its offices in India, Dubai and Singapore, and aims to build an international investment franchise with clients including Indian institutional investors and family offices.

ASK's interests include wealth advisory, portfolio management and real estate investment. In addition, the company manages a private equity fund, ASK Pravi, launched in 2011 as a joint venture with Pravi Capital. The fund's investments include kidswear brand Indian Clothing League and tertiary care chain OMNI Hospitals.

"ASK is a leading player in India's growing investment management market, which is benefiting from rising per capita income, savings and increasing penetration of professional investment advisory services," said Shweta Jalan, managing director and head of India for Advent, in a statement. "We look forward to working with ASK's management team to pursue these growth opportunities."

This is Advent's first India investment out of its eighth global fund, which closed in March at the hard cap of $13 billion. The vehicle pursues buyouts, recapitalizations and growth investments, primarily in Europe and North America with Asia and Latin America considered on a selective basis. Its core industries are business and financial services, healthcare, industrials, retail, and technology, media and telecom.

Advent has completed several significant deals in India in recent years, including the purchase last year alongside Temasek Holdings of a 34% stake in the consumer products unit of Crompton Greaves from Avantha Group in a deal that valued the business at INR66 billion ($1.07 billion). In addition, the firm exited its majority stake in CARE Hospitals to the Abraaj Group in January at a valuation of INR18 billion.

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• Topics
• South Asia
• Financials
• Expansion
• India
• Advent International
• Growth capital