US-based fund TFCC tops India’s PE fund investor list for 2021
– World Affairs SRS
In December, TFCC acquired a 46 per cent stake in Chennai-based Ramcharan, which is currently into chemicals distribution. However, it will now invest in the environment, energy management systems and renewable energy system equipment.
This propelled TFCC to the top of the list with an investment of $4.1 billion. For TFCC, which has an investment portfolio of $20 billion in South Asia, this was its first foray into India.
The top ten fund managers running PE funds have collectively invested more than $12.18 billion. This is about one-fifth of the total investment for which public announcements on specifications have been made by PE companies in the country last year.
As the VCCEdge study was based on how fund managers of these various funds had invested in the country, three funds from several PE groups such as Blackstone, which has multiple companies and funds under management, are in the top ten.
In second place is the CPP Investment Board, a global investment management organization that invests Canadian pension plan assets. With a fund size of $541.5 billion, CPP has invested in a number of projects. To mention just two, it has invested $257 million in an infrastructure investment trust set up by the National Highways Authority of India to acquire brownfield road projects and its biggest investment in Flipkart in 2021 million.
Baring Private Equity Asia was also very active, coming in third after the acquisition of the healthcare business of Hinduja Global Solutions at an enterprise value of $1.2 billion.
But Blackstone has three separate units run by different managers that are among the top 10. The total investment by the three entities is $2.48 billion. For example, last year Blackstone acquired Embassy Industrial Parks from Warburg Pincus and Embassy Group, one of the largest logistics transactions in the country, with an enterprise value of $700 million.
It has also been a year of aggressive deals for Advent International. The company bought up to 72.56 percent of Eureka Forbes from SP Group for an enterprise value of Rs 4,400 crore; it purchased ZCL Chemicals for an enterprise value of $275 million; and then bought a majority stake in Ancora, a global digital engineering services company with Innovation Labs.
Some notable names are missing from the VCCEdge top ten list. One is SoftBank which has not made public the level of its investment. Another is Prosus, the digital investment arm of Prosus, which does not invest by raising funds and is therefore not on the list.
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