*Religare Enterprises* has acquired 65% in *Northgate*. Northgate is a private equity and VC investment manager with $3bn in AUM. Deal size is around $200mn according to ET.
The deal is part of Religare’s plan to acquire asset management companies globally through a US based holding company, and then list the holding company after getting its AUM to $100bn. Northgate is a fund of funds founded by 3 former NFL players, *Mark Harris, Brent Jones *and *Thomas Vardell*. *Hosein Khajeh-Hosseiny *and *Jared Stone *are former McKinsey-ites. This team will continue to run the operations of the company post acquisition, and own significant equity interests in the company while maintaining their general partner status in private equity and venture capital funds currently active. Jefferies & Co and Religare Capital Markets were the financial advisors to Religare Enterprises and Credit Suisse Securities was the financial advisor to Northgate. Paul, Weiss, Rifkind, Wharton & Garrison acted as transaction counsel to Religare Enterprises, while Shearman & Sterling were the counsels for Northgate. Religare has an outlined plan to have a global presence and has allocated $1 billion (Rs 4,600 crore) for strategic investments globally. It plans to become a large financial MNC on the lines of the erstwhile American I-banks. It is trying to gain size through acquisitions. It has gained a significant presence in London through its acquisition Hichens Harrison for $110 million. Now it needs an investment banking presence in New York. It might also be looking for acquisitions in the Asia-Pacific regions - Singapore and Hong Kong. Recently, it lost out on AIG’s asset management arm which manages about $100 billion worth of client funds to Hong Kong-based billionaire Richard Li’s Pacific Century. Religare now plans to tap smaller, niche firms. It acquired Lotus AMC, which managed over Rs 5,000 crore in mutual funds. -- Regards Hardik Shah -- You received this message because you are subscribed to the Google Groups ""GLOBAL SPECULATORS"" group. To post to this group, send email to [email protected]. To unsubscribe from this group, send email to [email protected]. For more options, visit this group at http://groups.google.com/group/globalspeculators?hl=en.
