ICGSE acquires Standard Chartered Private Equity portfolio


London-based special situations fund ICG Strategic Equity Advisors has acquired the private equity portfolio of Standard Chartered Private Equity (SCPE) in India.

The deal was part of a global acquisition of SCPE’s private equity investments in 35 companies that are spread across India, Southeast Asia, China, South Korea, the Middle East and Africa.

ICGSE is a unit of Intermediate Capital Group that specialises in secondaries investments.

The deal includes a management buyout and the new fund to be named Affirma Capital will be led by SCPE global head Nainesh Jaisingh.

The transaction is expected to close in mid-2019.

SCPE’s investments in India include non-banking finance company Northern Arc and engineering products maker Craftsman Automation.

Khaitan & Co advised ICGSE on Indian legal matters. The Khaitan team comprised partner Siddharth Shah, counsel Tarunya Krishnan, principal associate Shantanu Gupta, associates Gautam Suseel, and Srikanth Mantravadi.

Clifford Chance was the global transaction counsel for ICGSE. The Clifford Chance team was co-led by partner Andrew Whan and counsel Tom Lin.