US based asset management company Guggenheim Partners has expanded its India presence by acquiring the India-focused private equity fund of funds business of Thomas Wiesel Partners. The fund has a corpus of $100 million and is on the course to raise another $100 million. An estimated 40 percent of the fund has been invested with investments of $15 million in IDFC Private Equity and $10 million in iLabs Group.
While talking about its India expansion plans, Dominic J. Curcio, President of Guggenheim Partners said, “We believe India’s promising growth prospects makes for attractive business opportunities for our firm.”
All 8 members of Thomas Weisel’s investment advisory team led by K.V Dhillon, India Head and Anand Sunderji, Head of Private Equity will become a part of the Guggenheim team. They will continue to actively advice the fund. While talking about the acquisition, Dhillon said, "We are delighted to team up with Guggenheim, a firm that is committed to seeking out innovative and attractive investment opportunities for its clients."
One of the largest investment management companies in the world, this is not Guggenheim’s first investment in India. The US- based financial services firm has significant investments in the infrastructure space in India. It has a 50% stake in India Hydropower Development Company- a leading owner, developer, and operator of hydroelectric plants in India. Other Guggenheim India investments include Vikram Logistics & Maritime Services Pvt Ltd and IRMC.
