KKR-backed financial services company Avendus
Capital, has acquired Ocean Dial
Asset Management, a UK-based asset management company that manages £450 million in long-only India
equities across three funds.
has signed a binding agreement to acquire 100 per cent shareholding from Raju Shukla, Chairman and MD, Ocean Dial
Investment Company, and the management team, Avendus
said in a statement.
The valuation was undisclosed. The acquisition
is subject to regulatory approvals in India
and the UK.
Ranu Vohra, co-founder, managing director and chief executive officer, Avendus
Capital, said: “The acquisition
would help us scale up our public equities presence. As the public markets are deepening, there is a switch from mutual funds to alternative investment funds.”
is synergistic and Avendus
will work to make Ocean Dial
a bigger play by bringing in investors from other geographies into the fold.The majority shareholder of Avendus
Capital are funds and investment vehicles managed or advised by global investment firm KKR. Avendus
has grown from being a deal-maker of India
to a full-fledged financial services company by offering products in niche areas — alternative asset management, wealth management and structured credit solutions, over and above investment banking.