Switzerland-based global private markets investment management firm Partners Group has opened its first Indian office in Mumbai as part of its efforts to build out investments in India, it said in a statement.
With the Mumbai office, the total number of offices of the firm around the world has reached 17 of which seven are in Asia-Pacific.
Partners Group, with over €30 billion in assets under management, has appointed senior executive Cyrus Driver as head of the Mumbai office. Driver had joined the group as MD in May 2012 to strengthen the company’s direct investment activities in India.
The group has been an active investor in India and invests in areas such as private equity, real estate and infrastructure opportunities in the country for its clients.
“For the past two years, we have been somewhat contrarian in remaining bullish on India. Valuations have largely come down from the high levels of a few years ago and we believe it is a great time to invest in private markets here. On the private equity side, we showed our commitment to India last year with two transactions. Looking ahead, we have a full pipeline and are actively pursuing investments,” Driver said in the statement.
Last year, the Swiss firm had invested in global technology support services provider CSS Corp, a remote infrastructure management and technology support services company, which has majority of its workforce in India. The stake was purchased for $270 million in a leveraged buyout deal which gave SAIF Partners, Goldman Sachs and Sierra Ventures an exit. The deal also involved Sanjay Chakrabarty, a technology entrepreneur, picking up a minority stake in CSS.
Partners Group also made additional investment in an unnamed chain of schools.
“The opening of our Mumbai office is directly in line with our belief that a deep local network is critical to sourcing attractive opportunities across all private market asset classes. We have been direct investors in India since 2006. Although we held back when valuations were at their peak, we believe the market currently offers compelling opportunities that fit with our private market relative value investment approach,” Christoph Rubeli, partner and co-chief executive at Partners Group, added.
Founded in 1996, Partners Group is headquartered in Zug, Switzerland and employs over 700 people. It is listed on the SIX Swiss Exchange, with a major ownership being held by its partners and employees.
The firm has been present in Asia since 1999. In India, it has previously invested in real estate and infrastructure and is keen to invest in sectors like education, healthcare and financial services.
(Edited by Joby Puthuparampil Johnson)