Baer Capital partners, an India-focused private equity firm established in 2006, has completed a $150 million (€103 million) investment in Vatika, a real estate development company in north India.
The investment was made by the special purpose vehicle Beacon Vatika Holdings, whose largest investor is the Beacon India Private Equity Fund. Goldman Sachs will also own a minority stake in the vehicle.
The investment is part of a $250 million funding of the realty group signed in December with Goldman Sachs, Baer and the Wachovia Bank.
BVHL will be represented on the Board of Vatika Ltd by Alok Sama, President and Founder, Baer Capital Partners, and Jean de Pourtales, Managing Director and Head of the Developing Markets Real Estate Principal Investment for Goldman Sachs.
The Vatika Group has an estimated valuation of Rs 8,000 crore and owns group housing, corporate office complexes, IT Parks and SEZs, retail complexes and integrated townships in Gurgaon, Ambala and Jaipur, according to the company.
This is the largest investment to date for Baer Capital Partners, which was launched in 2006 with a broad mandate to create an investment management, corporate finance an wealth advisory business. It has the first Indian investment vehicle by the name of Beacon India Private Equity Fund.