Private equity deal value almost doubles in the fourth quarter

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PE organisations invested about $2,273 million across 89 deals

Private equity deal value almost doubled in the quarter ended March 2014 against the same quarter in the previous fiscal.

Private equity firms invested about $2,273 million across 89 deals during the quarter, according to early data from Venture Intelligence, a research service focused on private company financials, transactions and valuations in India.

The investment amount was almost twice that of $1,179 million invested across 103 transactions in the same period last year. It was marginally higher than $2,221 million being invested across 86 transactions during the immediate previous quarter.

There were five PE investments worth $100 million and of this three were above $200 million. There was just one such large transaction in the same period last year and seven during the immediate previous quarter.

The top two PE transactions during the quarter involved Canadian and Middle Eastern investors teaming up to invest into infrastructure operating companies in India. Canadian pension funds — Canada Pension Plan Investment Board (CPPIB) and Caisse de depot et placement du Quebec (CDPQ) – along with Omani sovereign wealth fund State General Reserve Fund (SGRF) agreed to invest a total of Rs 2,000 crore in L&T IDPL, the infrastructure development arm of engineering major Larsen & Toubro.

The second largest PE deal had Canadian pension fund PSP Investments (along with IDFC PE) partnering Abu Dhabi’s National Energy Company (Taqa) to buy out two hydel power plants operated by Jaiprakash Power Ventures of Himachal Pradesh.

The next four largest transactions were from the IT & ITES industry including the $260 million buyout of the Aditya Birla Group’s BPO unit Minacs by CX Partners and Capital Square Partners; the $143 million fifth round raised by e-commerce firm and General Atlantic’s $100 million commitment to healthcare software firm Citius IT. eBay again teamed up with existing PE/VC investors to provide $90 million in follow-on financing to online classified services firm Quikr.

While IT & ITES firms accounted for $895 million, energy and engineering and construction companies were at the second and third spots attracting $414 million and $324 million respectively, the Venture Intelligence data showed.



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