Religare Enterprises is buying Landmark Partners, a US-based private equity and real estate investment firm, with assets under management worth $8.5 billion. The financial services group will buy about 55% in Landmark for roughly $170 million, or 770 crore, valuing the American asset manager at over 3.6% of its total assets, said two people familiar with the matter.
Religare has a war chest of $1 billion and will use it to buy asset managers worldwide over the next couple of years. Earlier this year, Religare bought Northgare Capital, a US-based fund-of-funds manager.
The Landmark acquisition will catapult Religare’s assets under management, including the money managed by Northgate and its Indian mutual fund, to almost $15 billion. Landmark has been in talks to buy asset managers in the US over the past two years and was among the top contenders for fund management unit of troubled insurance giant AIG last year.crackcrack
