General Atlantic outperformed benchmark standards in its most recent exit strategy within the Indian market?
In a significant move, global investment firm General Atlantic has sold a portion of its majority stake in IIFL Wealth Management Limited, marking its second exit from its India portfolio this year. The transaction, announced in March 2022, saw Bain Capital acquire a 24.98% equity stake in IIFL Wealth Management from General Atlantic Singapore Fund Pte. Ltd. and others.
IIFL Wealth Management is a leading wealth and asset management firm in India, with around USD 44 billion in assets as of December 31, 2021. The sale was subject to regulatory and customary approvals.
However, the specific Indian company and the exact amount of stake sold were not disclosed in the article. Additionally, the article did not provide any information about the impact of the stake sale on IIFL Wealth Management or the identity of the buyer.
Meanwhile, in other news, JSW Cement, an Indian company, made its debut on the stock market with a valuation of $2.38 billion. The company's shares gained 4% in its debut. Furthermore, Horizon Industrial Parks and Apollo Healthtech have set timelines for their Initial Public Offerings (IPOs).
It's worth noting that General Atlantic primarily makes late-stage venture capital and growth equity investments in India. The firm did not reveal the reason for the stake sale in the article, nor did it mention any future plans or strategies in the Indian market.
Elsewhere, private equity firm Apax Partners and TPG are planning to monetize their investments in an AI analytics firm. The details of this transaction are yet to be disclosed. As for General Atlantic, it remains unclear whether the firm will continue to hold any stake in the Indian company post the sale.
References:
[1] Business Standard. (2022, March 25). General Atlantic sells stake in IIFL Wealth to Bain Capital. Retrieved from https://www.business-standard.com/article/companies/general-atlantic-sells-stake-in-iifl-wealth-to-bain-capital-122032500861_1.html
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