PE firm Faering Capital invests $30 mn in Vastu Housing Finance

livemint.com:

Mumbai: Private equity firm Faering Capital has acquired a $30 million stake from Multiples Alternate Asset Management and others in Vastu Housing Finance Corp., the two firms said on Thursday. The transaction is a secondary sale by funds managed by Multiples Alternate Asset Management and other shareholders of the company, the company said. “Housing finance and specifically affordable housing are multidecadal opportunities in India.

Having tracked Vastu’s progress over the last few years, we are confident that the company is well on its way to build a highly profitable, large and respected institutional franchise focused on affordable housing finance," Aditya Parekh, co-founder & MD of Faering Capital said. “We warmly welcome Faering Capital as shareholders of the company and look forward to working with them going forward," Sudhir Variyar, MD and Deputy CEO of Multiples Alternate Asset Management Ltd. said.

Multiples PE owns a majority stake in Vastu Housing Finance. Vastu Housing Finance last raised $200 million in October 2021, which included a $120 million primary fundraise. The rest of the stake was a secondary sale of shares.

At the time, Norwest Venture Partners among others joined the captable. Vastu has assets under management of around $900 million, and operates in 15 states across India in 200+ markets, the company said on Thursday. Towards the goal of becoming a mortgage-led consumer lender serving the credit needs of emerging and aspiring India, Vastu has also set up a non-banking finance company (NBFC), Vastu Finserve in 2019, venturing into vehicle and MSME finance, the company said.