SCPE spinout Affirma completes first deal as an independent
Affirma Capital, a PE firm launched last year as a spin-out of Standard Chartered’s private equity business, has completed its first transaction as an independent firm with a $50 million investment in Indian supplements maker Tirupati Medicare.
Tirupati Medicare is part of the Tirupati Group, which has interests in pharmaceuticals and sports nutrition as well as nutraceuticals. It also operates a contract research organization supporting its own verticals and outside clients. Under the Medicare brand, the company makes a range of products including tablets and capsules, drinks, and protein powders, controlling the entire product life cycle from concept development to manufacturing.
The Standard Chartered Private Equity (SCPE) team formed Affirma last December, taking most of SCPE’s remaining $1 billion in assets off the bank’s balance sheet. The transaction was supported by ICG Strategic Equity, a unit of Intermediate Capital Group. Affirma was allocated $700 million for new investments.
The GP has $3.6 billion in assets under management across Southeast Asia, India, China, South Korea, the Middle East, and Africa. The total includes assets spun out through five secondary deals between 2013 and 2015, as well as separate account mandates.
While Tirupati is Affirma’s first new investment following the spin-out, it is not the independent GP’s first deal. Affirma led a pre-IPO round of undisclosed size earlier this year for Chinese P2P lending services provider Dianrong, part of SCPE’s existing portfolio. The transaction included capital from SCPE as well as new capital raised by Affirma.
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