Why Singapore's Mars, UAE's Lunate, Korea's KIC are keen to open shop in India
livemint.comAUM of $150 billion) and Singapore-based Mars Growth Capital Partners (AUM $1.5 billion), according to two people familiar with the plans. Others that have set up local operations since this January include South Korea’s sovereign fund KIC, Japan’s Advantage Partners, and Singapore-based Growtheum Capital Partners.
German special situations fund Mutares is also opening an office in India, the firm’s executives told Moneycontrol in February. There are also firms such as EQT that are already in India, and planning to ramp up.
Last week, Gita Gopinath, deputy managing director of the International Monetary Fund (IMF), expressed optimism about India becoming the world's third-largest economy by 2027. She noted that India's growth exceeded expectations last fiscal year, positively impacting current forecasts.
The Indian economy grew 8.2% in FY24, beating all estimates and expectations. Pointing out that buoyancy in the capital markets has given global funds conviction around exits, Anshul Lodha, managing director for India at international recruitment firm Michael Page said, “India is one of the most prominent and growing markets globally, so all regional and global funds are looking at setting up local offices." Lodha added that it is also important for global funds to have an India presence “as LPs (limited partners) are looking at India exposure through their global or regional funds".
The first phase of private equity growth in India, for more than two decades, mostly saw US-based firms such as Blackstone, Carlyle, KKR, Apax Partners, Advent International and Bain Capital, among others, establishing presence and winning big. Their success is now attracting investors from the Asian and European regions to increasingly look
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