KKR, Gaja lead $151m round for India's Avendus

Avendus will use the new capital to grow its credit, asset and wealth management businesses, as reported by The Economic Times and confirmed by AVCJ, as well as to complete its acquisition of Ocean Dial Asset Management, the UK-based investment manager of India Capital Growth Fund. Avendus agreed earlier this year to acquire Ocean Dial for an undisclosed amount.

With the new investment, Avendus will have $4.1 billion in assets under management across asset classes, including its Absolute Return Fund, which launched in February to invest in public and private Indian companies and reported INR10 billion in assets under management earlier this year. The company also formed its first structured credit fund earlier this year with a target of INR5 billion.

KKR acquired a 70% stake in Avendus in 2015 for an undisclosed sum, providing exits for former shareholders Eastgate Capital and Americorp Ventures. The acquisition was aimed at expanding AVendus in to an integrated financial services platform from its previous focus on investment banking.

Gaja is currently investing its third fund, which launched in 2013 and closed last year at $250 million. The vehicle targets a mix of control and minority deals, in companies that leverage domestic consumption growth. Investments from the fund include education start-up SportsVillage, frozen food provider Bakers Circle, and non-banking finance company Kinara Capital.

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• Topics
• South Asia
• Financials
• Expansion
• India
• KKR
• Gaja Capital Partners
• Financial Services
• Growth capital