Asia Growth Capital Advisors (AGCA) has acquired the portfolio of private equity investments in Asia from Credit Suisse, its affiliates and other investors in Credit Suisse Private Equity Asia Partners (CSPEA). AGCA worked with HarbourVest Partners, the lead investor in this transaction.
Axiom Asia Private Capital, which focuses on private equity investment in the Asia-Pacific region, helped to underwrite and consummate the transaction.
“This partnership with HarbourVest and Axiom Asia will enable AGCA to continue providing its advice to the portfolio companies and help them grow. Furthermore, it will allow AGCA to provide a platform for liquidity and secondary solutions to existing private equity investors in Asia, specifically in India and the South-east Asia,” a statement by AGCA said.
AGCA is a Singapore-based private equity firm that focuses on opportunities in India and the South-east Asia. The firm was founded in 2010 by Harjit Bhatia and Soma Ghosal Dhar, former chairman & managing partner and partner, respectively, at CSPEA.
Another PE firm, which has a similar geographic spread in terms of investment strategy, is Creador Capital while Everstone Capital has also struck deals outside India in the South-east Asian region.
Tim Flower, a principal at HarbourVest’s Asia affiliate, commented, “We see a significant opportunity to acquire, restructure and support existing private equity portfolios in India and the South-east Asia, and expect to work together with the team at AGCA in the future on similar secondary direct deals.”
Credit Suisse Private Equity had previously made investments in firms such as Indu Projects Ltd, Shree Ganesh Jewellery House Ltd, InterGlobe Technology Quotient Pvt Ltd, Tecpro Systems Ltd and Binani Cement Ltd.
(Edited by Sanghamitra Mandal)