Spice PE invests in Clearwater's India NBFC

The GP made its investment alongside Altico's Hong Kong-based PE backer Clearwater Capital Partners, in addition to US-based alternative investment firm Värde Partners and the Abu Dhabi Investment Council, according to a statement. This is Spice's first direct co-investment in India.

Altico is one of several Indian NBFCs to receive PE funding in recent years, taking advantage of a need for credit that is not being met by the country's traditional banks. Agriculture equipment-focused Magma Fincorp is one example, having raised INR5 billion ($80 million) from KKR, LeapFrog Investments, and India Value Fund Advisors in March.

In addition, some PE firms, like Clearwater, have set up their own NBFCs. KKR has created two separate NBFCs; one, started in 2009, offers credit to entrepreneurs, while the other, launched earlier this year with Singapore's GIC Private, focuses on real estate.

Spice is an active investor in emerging markets, both as a direct investor and as a fund-of-funds. Asian GPs that it has backed include Navis Capital Partners, Baring Private Equity Asia and Quvat Management. Its direct investments include China-based game developer and operator Giant Interactive, which was taken private last year.

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Save this article  
• Send to  

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