TVS Capital's biggest fund yet could bet on ‘zero-stage’ startups
Mumbai : TVS Capital has raised ₹1,700 crore in domestic money for its largest fund yet, its fourth, in a sign of growing interest among Indian investors for private equity as an asset class.

Is the broking and the wealth management industry ripe for a consolidation?

Can global risks unsettle the Indian equity market rally? 

At Rs 1.5 lakh crore, P-note funds hit 6-year high

Blackstone in talks to acquire Adani Realty’s BKC office tower for Rs 2,000 cr

FPIs inject Rs 1,156 cr in equity, withdraw `1,727 cr from debt in first two trading sessions in May
New Delhi: Foreign investors have adopted a “wait and watch” stance amidst the ongoing general elections and have infused just Rs 1,156 crore in the first two trading sessions of this month. This came after FPIs dumped equities worth Rs 8,700 crore in April, on concerns over a tweak in India’s tax treaty with Mauritius and a sustained rise in US bond yields. Before that, FPIs made a net investment of Rs 35,098 crore in March and Rs 1,539 crore in February.

In the two days of trading in May, Foreign Portfolio Investors (FPIs) have invested Rs 1,156 crore in equity and sold Rs 1,727 crore in debt, data with the depositories

Index funds: Rules of construction
In an index fund portfolio, the index applies two to three rules to a pre-defined universe for stock selection and weight allocation. In an active portfolio, the basis of fund manager’s decisions is the ground-up criteria. It may be different for different stocks. Just like an investor would want to diversify amongst two funds —basically judgement of two fund managers, it could be a good idea to diversify amongst active investing and passive investing approaches.

'Any tax hike on equities may dampen investor sentiment'
Samir Arora, the founder and fund manager of Helios Capital, expects the Bharatiya Janata Party (BJP)-led National Democratic Alliance (NDA) to secure a comfortable majority, and present a market-friendly budget focused on economic reforms in its next term. “So, we continue to be bullish," he said in an interview. However, in the event of any political surprise, the markets will witness a significant downturn, requiring a substantial amount of time to bounce back. Additionally, any tax hike on equities, at the very least, will result in an equivalent and opposite price reaction, which would overshadow any other positives, Arora added.

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HDFC Capital exits Total Environment project in Bengaluru

FPIs domiciled at GIFT City allowed to issue P-notes to investors
Source Credit: Samie Modak, Business Standard

Mumbai: Foreign portfolio investors (FPIs) domiciled at the GIFT International Financial Services Centre (IFSC) and registered with the Securities and Exchange Board of India (Sebi) have been allowed to issue offshore derivative instruments (ODIs), popularly known as participatory notes (pnotes).
 

Maharashtra leads in private equity investments in FY24 while overall investment drops
 

India’s first Nifty Non-Cyclical Consumer Index Fund opens | All you need to know about this Groww fund
Leading fund house Groww Mutual Fund has announced the launch of India’s first Nifty Non-Cyclical Consumer Index Fund ‘Groww Nifty Non-Cyclical Consumer Index Fund’. The New Fund Offer will remain open for subscription from May 2-16, 2024, the asset management company said in a statement on Thursday.

Former BharatPe COO Dhruv Dhanraj Bahl launches maiden VC fund Eternal Capital

The fund has received SEBI’s approval for a Category-I AIF in November 2023, and has already received commitments from marquee operators and entrepreneurs such as Suhail Sameer (ex-CEO, BharatPe), Deep Kalra (Founder, MakeMyTrip), Tarun Mathur (Co-founder, PolicyBazaar), Adarsh Menon (President, ZoomCar), Nalin Negi (CEO, BharatPe), and Saurabh Vashishtha, Kunal Suri and Amit Bagaria (Founders, SimSim), among other.

India in no 1 spot in terms of interest & capital: Niren Shah, MD & Head, Norwest India
Emphasising that the local arm of Norwest Venture Partners invested in India since 2005, Niren Shah, MD & Head of Norwest India, lays out how the fund will deploy $3 billion it has committed to the country.

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Flush with funds, venture capitals scout for startup deals

Why Sumit Shukla has funds tied up in NPS tier-II, not MFs
 

India in no 1 spot in terms of interest & capital: Niren Shah, MD & Head, Norwest India
This tranche of fundraising is expected to be around $3 billion, and you’re looking at active deployment in India...

ChrysCapital raises $700mn to keep NSE stake

Equity fund managers to get sky-high bonuses amid stellar asset growth
Mutual fund houses are likely to dole out higher bonuses and increments this year in a bid to retain and reward top performers. Equity fund managers will be in the spotlight given the fast clip at which assets have grown in the past year, especially for the mid- and small-cap schemes. The managers may pocket bonuses in the range of 80-100 per cent of annual salary, on average, much higher than previous years.

Entrepreneurial bug bites top VC bosses
Peak XV Partners’ managing director Piyush Gupta, recently put in his papers. Earlier during the month, Abhishek Nag and Vaibhav Agrawal quit Lightspeed Venture Partners. In March, Nexus MD Sameer Brij Verma quit after a 13-year stint at the firm.

FPIs selling in equities continue unabated in April, withdrawing ₹6,300 crore till April 26
Foreign Portfolio Investors (FPIs) remained bearish on Indian equities going by the net outflows of ₹6,300 crore so far this month (till April 26) amid concerns around Mauritius Tax Treaty and US Bond Yield surge. 

Everstone Capital returned $345mn to LPs last year

Everstone Capital is the private equity business of Everstone Group that focuses on investments in India and Southeast Asia. The firm booked an exit from IT services company Everise in October by selling its stake to Warbug Pincus, where the latter's invest-ment valued Everise at $1 billion. Everstone also sold its entire stake in India's Servion Global Solutions to UK-based private equity fund EMK Capital. Besides these exits, Everstone Capital also invested in several companies last year including Media Mint,which focuses on out-sourcing of ad and media operations of global agencies, and IT company C-prime. The firm is currently investing from its fourth fund of $300 million, which was raised as an interim fund. Mehra added that the fund usually looks to make two to three investments a year of $100 million each, besides the co-invest capital. "Typically for every dollar we invest of our own capital, we are able to generate at least $1 of co-invest. So if we do that, then we should be able to get $400-600 million deployed," he said. Ever-stone Capital, which primarily invests in mid-market companies making Rs.100-200 core of Ebitda, is now looking to raise about $1 billion for its fifth fund that aims to make eight to 10 deals of about $ 100-million each. The focus for the new fund will continue to be healthcare, manufacturing and IT BPO companies Within IT, the firm looks to focus on areas such as data engineering and product engineering, while in the healthcare space, the focus will be on medical devices. The fund already has a major manufacturer of cardiac devices and implants, Translumina, in its portfolio. In the private equity space in India,Mehra said, buy outs or controlled deals have increased significantly and are now about 40% of the market by value. Control deals are where a PE firm acquires a majority stake in a company and works along with the promoters or management to further build the business. "I think that's an encouraging trend and it's spurred by generation change; he added. 

PEs drive up value even as volumes dip
 

PE firm Advent to invest $300 million in Apollo HealthCo
Chennai: Private equity firm, Advent International, has agreed to invest ₹2,475 crore ($300 million) into Apollo HealthCo, a wholly owned subsidiary of Apollo Hospitals Enterprise Ltd. Concurrently, Keimed Pvt Ltd, a wholesale distribution company owned by the promoters of the Apollo group, is to be merged with Apollo HealthCo.  

‘Complacency poses greatest market risk now ‘‘: Lakshmi Iyer, CEO-Investments & Strategy, Kotak Alternate Asset Managers Limited
New Delhi: The current General Elections season — spread over two months — are largely seen to be non-events from a markets perspective, with continuity of power likely for ruling dispensation. With market expectation having hit a peak, businessline spoke to Lakshmi Iyer, CEO-Investments & Strategy, Kotak Alternate Asset Managers, to get her sense of the market trends and outlook. 

PE investments look up, but tax uncertainty persists
The pace of transactions has picked up in India, with deal volumes in the first quarter of calendar 2024 rising by a fourth sequentially and by a third in value. There were 455 deals worth $25.6 billion, of which over 75 per cent was due to mergers and acquisitions, according to PricewaterhouseCoopers.

Kedaara Capital closes largest India PE fund at $1.74 bn; no single individual investor got allocated more than 6% of fund

REITs, InvITs mobilise Rs 1.3 lakh crore in four years: RBI data

Peak XV’s MD Piyush Gupta quits, to launch own fund
Piyush Gupta, who served as Managing Director at Peak XV Partners, is departing the venture firm at the end of this month, according to sources familiar to the matter. Gupta plans to launch his own secondary-focused fund, which Peak XV intends to work closely with to facilitate transactions at its portfolio firms, sources added.

IOB plans to raise equity capital up to ₹5,000 cr in FY25
MUMBAI: Indian Overseas Bank (IOB) is planning to raise up to ₹5,000 crore in FY25 in a bid to meet SEBI’s minimum public shareholding (MPS) norm. As per the Securities Contracts (Regulation) Rules, 2018, every listed company needs to have at least 25 per cent MPS. As at March-end 2024, Government of India’s shareholding in the Chennai-headquartered public sector bank stood at 96.38 per cent.  

Aramco’s VC arm in talks for India team
Mumbai : The venture capital (VC) arm of Saudi Aramco is building an India team and scouting for early-stage deals in the country, two people aware of the plans said, in a move to leverage India’s startup story and widen the fund’s global reach.