Mumbai-based multi-family office Waterfield Advisors has formed a consortium of family offices in association with Dalmia Group Holdings.
The new entity will initially consist of 20 business families, who will step up from informal participation in regional networks to an organised national deal platform.
Waterfield managing director and chief executive officer Soumya Rajan said in a statement the move will allow the participating family offices to be a part of large transactions. The consortium will also help each individual office to hedge its bets against risk.
Founded in 2011, Waterfield works with family-owned businesses, trusts and endowments and single-family offices in several investment and non-investment-related areas. The firm says it helps its clients plan, structure and manage family wealth. It says it works with 50 business families and manages $2.5 billion of their financial assets.
Last month, it hired former Citibank banker Ruchi Sankhe as its managing director for origination and client coverage. “Her experience will add tremendous value to the firm at a time when we are significantly enhancing our client base,” Rajan had said at the time.
In May, VCCircle reported that Waterfield was in talks to raise funds for growing its operations and providing an exit opportunity to its early investors Amit and Arihant Patni.
The brothers had acquired about one-fourth of Waterfield in 2014 for an undisclosed amount. Amit and Arihant are sons of Gajendra Patni, the eldest of the Patni brothers who had founded Patni Computers.