Religare buys into Northgate
Religare Enterprises, the Indian financial services group, has announced an investment in US private equity fund-of-funds firm Northgate Capital, for a reported 60% controlling stake in the firm's management company.
Under the deal, Northgate's five current partners will keep their controlling interests in the firm's GP entities, and retain significant equity in the management company, with the firm's operations, including its investment committee and investment process, to remain unchanged. The deal was reportedly valued at around $200 million.
Founded in 2000, Northgate manages about $3 billion of assets in private equity and venture capital, with offices in California and London. The firm invests into private equity and VC funds, and selectively does direct VC co-investments. Northgate already claims some fund investments in China, India and Japan, and aims to build off Religare's platform to expand further in Asia Pacific. Religare, meanwhile, has announced a $1 billion acquisition and investment program to broaden its asset management capabilities, with the Northgate deal one of the first investments.
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