Global private equity major KKR today said it will invest in homegrown financial adviser and wealth manager Avendus Capital.
However, financial details of the transaction were not disclosed.
KKR, which is investing through its Asian Fund II, is purchasing shares from Eastgate Capital and Americorp Ventures, an early investor in Avendus.
Avendus’ existing management team, led by co-founders Ranu Vohra, Gaurav Deepak and Kaushal Aggarwal, will continue to manage the platform’s day-to-day operations and its growth into the new businesses.
The three founders bring more than 50 years of combined financial services experience to the firm.
In a statement, the companies announced the signing of a definitive agreement under which KKR will invest in Avendus to fund the company’s foray into credit solutions business and to grow its wealth and alternative asset management solutions offerings to its customers.
“India is witnessing unprecedented demand for innovative and integrated financial services products as a result of rising entrepreneurship across sectors. Avendus is a world-class firm built and run by three visionary founders. It delivers solutions to meet this demand by offering diverse alternative investment products and wealth advisory services,” KKR India CEO Sanjay Nayar said.
The deal is subject to customary regulatory approvals.
Mumbai-headquartered Avendus has a strong focus on mid-market companies and also has offices in Gurgaon and Bengaluru.