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Religare makes investment in Landmark Partners

Religare Enterprises, an emerging markets financial services group listed on the BSE and NSE in India, has made an investment through its wholly owned subsidiary Religare Global Asset Management in Landmark Partners, a private equity and real estate fund of funds asset manager focused on secondary transactions.

The parties have signed a definitive agreement for Religare to acquire a 55 per cent stake in the business of Landmark Partners for a consideration of up to USD171.5m.

Landmark Partners’ entire management team has made long-term commitments to its business as part of this transaction and will retain a significant equity stake in the business.

The management team will continue to run the day-to-day operations without any change and be responsible for all investment decisions.

The transaction is subject to customary closing conditions and regulatory approvals.

Religare’s asset management strategy is to partner with “best-of-breed” asset management firms from around the world operating within a variety of asset classes and investment disciplines. Religare provides support and capital to help facilitate responsible growth of its affiliated firms, while leaving the existing investment professionals in charge of day-to-day operations.

The transaction represents an opportunity for Landmark to expand its secondary investment activity into countries where Religare’s broader financial services platform has a global presence.

Landmark Partners manages 27 private equity and real estate secondary funds of funds with more than USD8.3bn of committed capital. Landmark Partners is headquartered in Simsbury, Connecticut, and also has offices in Boston, Massachusetts, and London, UK.

Shachindra Nath, group chief executive, Religare Enterprises, says: "Religare’s strategic alliance with Landmark Partners is the next step for us as we continue to build out and expand our global asset management footprint. We are in the process of creating a multi-discipline affiliate structure for our global asset management business, and are bringing only proven asset managers with differentiating strategies on to our platform and helping our affiliates get access to emerging market alpha and also look at capital introduction from new markets. As we continue to build our global asset management portfolio, we will seek similar partnerships in other asset classes, including both alternatives and traditional assets, in developed and emerging markets."

Timothy L. Haviland, Landmark’s president and managing partner, adds "Based on my 25 years with Landmark, it is fair to say that the partnership being formed with Religare is clearly an extraordinary event. The opportunity to expand our ownership for future generations, and to enhance our global market presence and knowledge, will allow Landmark to continue to be the premier secondaries investment firm well into the future, which bodes well for the development of our firm, our team, and, most importantly, our investors."

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