ASK Group to enter PE space
ASK Group is all set to join hands with Pravi Capital LLP, a private equity (PE) firm founded by ex-ICICI Venture professionals to launch a 50-50 private equity joint venture (JV). The JV, ASK Pravi Capital Advisors Pvt Ltd, will focus on unlisted businesses operating in industries which are focused on the domestic consumption potential. This JV complements existing businesses of the ASK Group which has dedicated companies in the areas of Wealth Advisory, Portfolio Management Services and Real Estate Fund Management.
While announcing the partnership, Mukarram Bhagat, Executive Director of ASK Investment Holdings said, “The partnership while complementing our existing businesses also helps us provide a comprehensive bouquet of Wealth Management solutions to our Ultra High Net Worth clients. While ASK Group brings on board its research based asset management expertise and fund raising capability, Pravi Capital founders bring to the table their in-depth understanding of the PE business.”
Pravi Capital LLP is a firm founded by Senior PE veterans including Jayanta Banerjee, Sunay Mathure and Anand Vyas. The three have previously worked together for over a decade while working with ICICI Venture Capital. With their deep understanding of PE business, in depth exposure to varied industries and experience of working across the entire investment cycle, Jayanta, Sunay and Anand bring in a huge advantage to the joint venture partnership.
While explaining the fund strategy, Jayanata Banerjee , CEO of ASK Pravi Capital Advisors said, “This new private equity JV intends to pick stakes of not less than 25% in small and medium size firms. The intention is not to have small minority stakes but a significant ownership in fundamentally strong companies poised to benefit from demand guided by consumption themes. The JV will be partnered by senior industry leaders working as operating advisors and functional experts in areas such as Finance, IT, HR, Logistics and Marketing who will also sit on the investee company’s board and work closely to help unlock deep value for its investors”.
The company plans to launch its initial fund very soon. The new fund will have a unified structure and is expected to raise US$200 million (Rs900 crore) from domestic as well as international investors. The typical investment size would be in the range of US$10-15 million. “The proposal is to have a sector agnostic fund, add operating value to the investee businesses and have participation at the board level to closely monitor them”, added Mr. Banerjee.