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PE giant Advent takes stake in ASK

Global buyout firm Advent International has acquired a minority stake in the Mumbai-based investment manager.

Advent International, a private equity firm with close to $30 billion in assets under management, has made an investment in the parent company of Mumbai-based real estate investment manager ASK Property Investment Advisors – the ASK Group.

The global buyout shop has acquired a significant minority ownership interest in ASK Group, although ASK Group’s founders will retain a majority stake in the company and the management team will continue to lead the business.

Financial terms were not disclosed.

“We are pleased to welcome Advent International as our new investment partner as we look to take our businesses to the next level of growth,” said Asit Koticha, chairman and founder of ASK Group. “With its deep sector expertise and global resources, Advent can bring significant value to help us increase productivity, broaden our range of services and expand our international presence.”

Earlier this year ASK Property Investment Advisors held final close of the ASK Real Estate Special Opportunities Portfolio – 1 of around $100 million.

The firm also launched the ASK Real Estate Special Situation Fund I in October with a target size of INR 2 billion. The debt fund represents the firm’s first significant departure from pure equity investment in the real estate sector.

Moelis & Company served as exclusive financial advisor and Shardul Amarchand served as legal advisor to ASK Group on the transaction. Nomura served as exclusive financial advisor and Cyril Amarchand served as legal advisor to Advent International.