Aster DM set to ink PE deal; EQT, Quadria, LeapFrog, Creador, IndiaRF, Advent in action; How desi is AIF money?

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[View in web browser](#) [VCCircle] Saturday, 27 July 2024 [Unlock Premium >](/0/aHR0cHM6Ly9zdWJzY3JpcHRpb24udmNjaXJjbGUuY29tLw==/66a47796b62e5881b92307be-20240727) Share this newsletter /1/aHR0cHM6Ly93d3cuZmFjZWJvb2suY29tL3ZjY2lyY2xl/66a47796b62e5881b92307be-20240727 /2/aHR0cHM6Ly90d2l0dGVyLmNvbS92Y2NpcmNsZQ==/66a47796b62e5881b92307be-20240727 /3/aHR0cHM6Ly93d3cubGlua2VkaW4uY29tL2NvbXBhbnkvdmNjaXJjbGUv/66a47796b62e5881b92307be-20240727 /4/aHR0cHM6Ly93ZWIud2hhdHNhcHAuY29tLw==/66a47796b62e5881b92307be-20240727 The Weekly Newsletter on India's Alternative Investment Landscape [Exclusive: Aster DM Healthcare set to stitch deal for India biz with top PE firm](/5/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2V4Y2x1c2l2ZWFzdGVyLWRtLWhlYWx0aGNhcmUtc2V0LXRvLXN0aXRjaC1kZWFsLWZvci1pbmRpYS1iaXotd2l0aC10b3AtcGUtZmlybQ==/66a47796b62e5881b92307be-20240727) [Mumbai-listed Aster DM Healthcare Ltd is in advanced talks with a deep-pocketed private equity firm to ...](/6/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2V4Y2x1c2l2ZWFzdGVyLWRtLWhlYWx0aGNhcmUtc2V0LXRvLXN0aXRjaC1kZWFsLWZvci1pbmRpYS1iaXotd2l0aC10b3AtcGUtZmlybQ==/66a47796b62e5881b92307be-20240727) THE MAIN STUFF /7/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2VxdGFzaWEtc2V0LXRvLWVuZC11cC13aXRoLWEtcmFyZS1sZW1vbi1pbi1pbmRpYS1wb3J0Zm9saW8tZXhpdA==/66a47796b62e5881b92307be-20240727 [EQT Asia set to end up with a rare lemon in India portfolio exit](/8/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2VxdGFzaWEtc2V0LXRvLWVuZC11cC13aXRoLWEtcmFyZS1sZW1vbi1pbi1pbmRpYS1wb3J0Zm9saW8tZXhpdA==/66a47796b62e5881b92307be-20240727) [Private equity major EQT Asia, which was known as Baring PE Asia before being acquired by Swedish buyout ...](/9/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2VxdGFzaWEtc2V0LXRvLWVuZC11cC13aXRoLWEtcmFyZS1sZW1vbi1pbi1pbmRpYS1wb3J0Zm9saW8tZXhpdA==/66a47796b62e5881b92307be-20240727) /10/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2NhbnF1YWRyaWFjYXBpdGFsLW1lZXQtYmVuY2htYXJrLWluLXBhcnRpYWwtZXhpdC1mcm9tLWluZGlhLWhlYWx0aGNhcmUtYmV0/66a47796b62e5881b92307be-20240727 [Can Quadria Capital meet benchmark in partial exit from India healthcare bet?](/11/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2NhbnF1YWRyaWFjYXBpdGFsLW1lZXQtYmVuY2htYXJrLWluLXBhcnRpYWwtZXhpdC1mcm9tLWluZGlhLWhlYWx0aGNhcmUtYmV0/66a47796b62e5881b92307be-20240727) [Singapore- and Delhi-based private equity firm Quadria Capital, which aims to raise up to $1 billion for its...](/12/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2NhbnF1YWRyaWFjYXBpdGFsLW1lZXQtYmVuY2htYXJrLWluLXBhcnRpYWwtZXhpdC1mcm9tLWluZGlhLWhlYWx0aGNhcmUtYmV0/66a47796b62e5881b92307be-20240727) /13/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL3RoZWNvbG91cm9mLWxwLW1vbmV5LWhvdy1kZXNpLWlzLWluZGlhbi1haWYtbW9vbGFo/66a47796b62e5881b92307be-20240727 [The colour of LP money: How desi is Indian AIF moolah?](/14/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL3RoZWNvbG91cm9mLWxwLW1vbmV5LWhvdy1kZXNpLWlzLWluZGlhbi1haWYtbW9vbGFo/66a47796b62e5881b92307be-20240727) [It has been well over a decade that capital market regulator SEBI created a new set of asset classes for ...](/15/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL3RoZWNvbG91cm9mLWxwLW1vbmV5LWhvdy1kZXNpLWlzLWluZGlhbi1haWYtbW9vbGFo/66a47796b62e5881b92307be-20240727) /16/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2xlYXBmcm9ncHVzaGVzLXRpbWVsaW5lLWZvci1maW5hbC1jbG9zZS1vZi1mb3VydGgtY29uc3VtZXItdmVoaWNsZQ==/66a47796b62e5881b92307be-20240727 [LeapFrog pushes timeline for final close of fourth consumer fund](/17/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2xlYXBmcm9ncHVzaGVzLXRpbWVsaW5lLWZvci1maW5hbC1jbG9zZS1vZi1mb3VydGgtY29uc3VtZXItdmVoaWNsZQ==/66a47796b62e5881b92307be-20240727) [Emerging markets-focused private equity firm LeapFrog Investments, a backer of Indian names like Redcliffe, ...](/18/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2xlYXBmcm9ncHVzaGVzLXRpbWVsaW5lLWZvci1maW5hbC1jbG9zZS1vZi1mb3VydGgtY29uc3VtZXItdmVoaWNsZQ==/66a47796b62e5881b92307be-20240727) /19/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL3BlZmlybS1jcmVhZG9yLXNldC10by1iYWctY2hlcXVlLWZyb20tcmV0dXJuaW5nLWluc3RpdHV0aW9uYWwtbHA=/66a47796b62e5881b92307be-20240727 [PE firm Creador set to bag cheque from returning LP](/20/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL3BlZmlybS1jcmVhZG9yLXNldC10by1iYWctY2hlcXVlLWZyb20tcmV0dXJuaW5nLWluc3RpdHV0aW9uYWwtbHA=/66a47796b62e5881b92307be-20240727) [Mid-market private equity firm Creador, which focuses on investments in South and Southeast Asia, may get an...](/21/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL3BlZmlybS1jcmVhZG9yLXNldC10by1iYWctY2hlcXVlLWZyb20tcmV0dXJuaW5nLWluc3RpdHV0aW9uYWwtbHA=/66a47796b62e5881b92307be-20240727) /22/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL21vbWVudHVtaW52ZXN0aW5nLWluLXN0YXJ0dXBzLWhhcy1zdG9wcGVkLXZlbnR1cmUtY2F0YWx5c3RzLWdvbGVjaGE=/66a47796b62e5881b92307be-20240727 [Momentum investing in startups has stopped: Venture Catalysts’ Golecha](/23/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL21vbWVudHVtaW52ZXN0aW5nLWluLXN0YXJ0dXBzLWhhcy1zdG9wcGVkLXZlbnR1cmUtY2F0YWx5c3RzLWdvbGVjaGE=/66a47796b62e5881b92307be-20240727) [Venture Catalysts, a prominent early-stage startup incubator and accelerator, was founded in 2016 by Dr. ...](/24/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL21vbWVudHVtaW52ZXN0aW5nLWluLXN0YXJ0dXBzLWhhcy1zdG9wcGVkLXZlbnR1cmUtY2F0YWx5c3RzLWdvbGVjaGE=/66a47796b62e5881b92307be-20240727) /25/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2xlYXBmcm9ncy1tb2hhbmRhcy1vbi10aGUtZmlybS1zLXBsYW5zLXRvLXRhcC1pbnRvLWluZGlhbi1oZWFsdGhjYXJlLXNlY3Rvci1hbmQtbW9yZQ==/66a47796b62e5881b92307be-20240727 [LeapFrog's Mohandas on plans to tap into Indian healthcare sector and more](/26/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2xlYXBmcm9ncy1tb2hhbmRhcy1vbi10aGUtZmlybS1zLXBsYW5zLXRvLXRhcC1pbnRvLWluZGlhbi1oZWFsdGhjYXJlLXNlY3Rvci1hbmQtbW9yZQ==/66a47796b62e5881b92307be-20240727) [Emerging markets and global sustainability-focused private equity firm LeapFrog Investments is nearing the ...](/27/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2xlYXBmcm9ncy1tb2hhbmRhcy1vbi10aGUtZmlybS1zLXBsYW5zLXRvLXRhcC1pbnRvLWluZGlhbi1oZWFsdGhjYXJlLXNlY3Rvci1hbmQtbW9yZQ==/66a47796b62e5881b92307be-20240727) /28/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2JvdHRvbWxpbmVob3ctaXJiLWluZnJhc3RydWN0dXJlLXMtdHdvLXJvYWQtaW52aXRzLXN0YWNrZWQtdXAtaW4tZnkyNA==/66a47796b62e5881b92307be-20240727 [Bottomline: How IRB Infrastructure’s two road InvITs stacked up in FY24](/29/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2JvdHRvbWxpbmVob3ctaXJiLWluZnJhc3RydWN0dXJlLXMtdHdvLXJvYWQtaW52aXRzLXN0YWNrZWQtdXAtaW4tZnkyNA==/66a47796b62e5881b92307be-20240727) [Mumbai-listed IRB Infrastructure Developers Ltd was the first highway builder in India to list an ...](/30/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2JvdHRvbWxpbmVob3ctaXJiLWluZnJhc3RydWN0dXJlLXMtdHdvLXJvYWQtaW52aXRzLXN0YWNrZWQtdXAtaW4tZnkyNA==/66a47796b62e5881b92307be-20240727) /31/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL3BpcmFtYWxiYWluLXMtaW5kaWEtcmVzdXJnZW5jZS1mdW5kLWluLXRhbGtzLWZvci1zdGFrZS1pbi1waGFybWEtcGxheWVy/66a47796b62e5881b92307be-20240727 [Piramal-Bain's India Resurgence Fund in talks for stake in pharma player](/32/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL3BpcmFtYWxiYWluLXMtaW5kaWEtcmVzdXJnZW5jZS1mdW5kLWluLXRhbGtzLWZvci1zdGFrZS1pbi1waGFybWEtcGxheWVy/66a47796b62e5881b92307be-20240727) [India Resurgence Fund (IndiaRF), a stressed assets investment platform co-floated by Piramal Group and Bain ...](/33/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL3BpcmFtYWxiYWluLXMtaW5kaWEtcmVzdXJnZW5jZS1mdW5kLWluLXRhbGtzLWZvci1zdGFrZS1pbi1waGFybWEtcGxheWVy/66a47796b62e5881b92307be-20240727) /34/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2J1ZGdldDIwMjRob3djYXBpdGFsLWdhaW4tdGF4LWNoYW5nZXMtc2NyYXBwaW5nLWluZGV4YXRpb24tYmVuZWZpdC1hZmZlY3QtcGUtdmMtZnVuZHM=/66a47796b62e5881b92307be-20240727 [Budget 2024: How capital gains tax changes, scrapping indexation benefit affect PE/VC funds](/35/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2J1ZGdldDIwMjRob3djYXBpdGFsLWdhaW4tdGF4LWNoYW5nZXMtc2NyYXBwaW5nLWluZGV4YXRpb24tYmVuZWZpdC1hZmZlY3QtcGUtdmMtZnVuZHM=/66a47796b62e5881b92307be-20240727) [The 2024-25 budget has brought significant changes to the capital gains tax framework, including removal of ...](/36/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2J1ZGdldDIwMjRob3djYXBpdGFsLWdhaW4tdGF4LWNoYW5nZXMtc2NyYXBwaW5nLWluZGV4YXRpb24tYmVuZWZpdC1hZmZlY3QtcGUtdmMtZnVuZHM=/66a47796b62e5881b92307be-20240727) /37/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL3doeWdsb2JhbC1zd2ZzLWFyZS10dXJuaW5nLXRvd2FyZHMtaW5kaWEtZXllaW5nLWRlYnQtaW52ZXN0bWVudHM=/66a47796b62e5881b92307be-20240727 [Why global SWFs are turning towards India, eyeing debt investments](/38/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL3doeWdsb2JhbC1zd2ZzLWFyZS10dXJuaW5nLXRvd2FyZHMtaW5kaWEtZXllaW5nLWRlYnQtaW52ZXN0bWVudHM=/66a47796b62e5881b92307be-20240727) [India has become a top priority for sovereign wealth funds and the most attractive destination for debt ...](/39/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL3doeWdsb2JhbC1zd2ZzLWFyZS10dXJuaW5nLXRvd2FyZHMtaW5kaWEtZXllaW5nLWRlYnQtaW52ZXN0bWVudHM=/66a47796b62e5881b92307be-20240727) NEWS IN NUMBERS [$1.63 bn](/40/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL21hbmtpbmRwaGFybWEtdG8tYnV5LWJoYXJhdC1zZXJ1bXMtYXMtYWR2ZW50LWludGVybmF0aW9uYWwtZXhpdHM=/66a47796b62e5881b92307be-20240727) [Advent exits Bharat Serums](/41/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL21hbmtpbmRwaGFybWEtdG8tYnV5LWJoYXJhdC1zZXJ1bXMtYXMtYWR2ZW50LWludGVybmF0aW9uYWwtZXhpdHM=/66a47796b62e5881b92307be-20240727) [$1 bn](/42/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2JvdHRvbWxpbmV2YXN0dS1ob3VzaW5nLWZpbmFuY2Utcy1hdW0tZm9yLWxhc3QtZmlzY2FsLXNvYXJzLXBhc3QtMS1ibi1tYXJr/66a47796b62e5881b92307be-20240727) [Vastu Housing AUM jumps](/43/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2JvdHRvbWxpbmV2YXN0dS1ob3VzaW5nLWZpbmFuY2Utcy1hdW0tZm9yLWxhc3QtZmlzY2FsLXNvYXJzLXBhc3QtMS1ibi1tYXJr/66a47796b62e5881b92307be-20240727) [Rs 707 cr](/44/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL3NpbmdhcG9yZXMtY2FwaXRhbGFuZC1jb21wbGV0ZXMtYWNxdWlzaXRpb24tb2YtaXQtcGFyay1hc3NldC1pbi1uYXZpLW11bWJhaQ==/66a47796b62e5881b92307be-20240727) [CapitaLand acquires IT park](/45/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL3NpbmdhcG9yZXMtY2FwaXRhbGFuZC1jb21wbGV0ZXMtYWNxdWlzaXRpb24tb2YtaXQtcGFyay1hc3NldC1pbi1uYXZpLW11bWJhaQ==/66a47796b62e5881b92307be-20240727) [Rs 250 cr](/46/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2luZGlhc2UtYXNpYS1mb2N1c2VkLWJwZWEtY3JlZGl0LWV4dGVuZHMtZmluYW5jaW5nLXRvLW1hbnVmYWN0dXJpbmctZmlybQ==/66a47796b62e5881b92307be-20240727) [BPEA Credit backs DMW Group](/47/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2luZGlhc2UtYXNpYS1mb2N1c2VkLWJwZWEtY3JlZGl0LWV4dGVuZHMtZmluYW5jaW5nLXRvLW1hbnVmYWN0dXJpbmctZmlybQ==/66a47796b62e5881b92307be-20240727) [Rs 250 cr](/48/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2hvd3dhc3VuaW1lY2gtYWVyb3NwYWNlLXZhbHVlZC1pbi1tYWlkZW4tcGUtZnVuZGluZy1yb3VuZA==/66a47796b62e5881b92307be-20240727) [Unimech Aerospace gets PE funding](/49/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2hvd3dhc3VuaW1lY2gtYWVyb3NwYWNlLXZhbHVlZC1pbi1tYWlkZW4tcGUtZnVuZGluZy1yb3VuZA==/66a47796b62e5881b92307be-20240727) [Rs 250 cr](/50/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2Zvcm1lcmRlZmVuY2Utc2VjcmV0YXJ5LWZsb2F0ZWQtbW91bnR0ZWNoLWhpdC1maXJzdC1jbG9zZS1vZi1tYWlkZW4tZnVuZA==/66a47796b62e5881b92307be-20240727) [MountTech fund hits first close](/51/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2Zvcm1lcmRlZmVuY2Utc2VjcmV0YXJ5LWZsb2F0ZWQtbW91bnR0ZWNoLWhpdC1maXJzdC1jbG9zZS1vZi1tYWlkZW4tZnVuZA==/66a47796b62e5881b92307be-20240727) [Chart of the day](/52/aHR0cHM6Ly9hc3NldHMudmNjaXJjbGUuY29tL3VwbG9hZHMvMjAyNC8wNy9Ib21lcGFnZVNtYWxsLmpwZw==/66a47796b62e5881b92307be-20240727) /53/aHR0cHM6Ly93d3cudmNjZWRnZS5jb20=/66a47796b62e5881b92307be-20240727 READ MORE NEWS [Private Equity Deals](/54/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2RlYWwtdHlwZS9wZQ==/66a47796b62e5881b92307be-20240727) [Venture Capital 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