PAG, one of Asia’s largest alternative investment firms, is weighing options that could potentially lead to the sale of its majority stake in India’s Nuvama Wealth Management (formerly Edelweiss Wealth Management), per a Bloomberg report.
The Hong Kong-based firm is understood to be working with financial advisers to facilitate the process, the report added, citing sources.
PAG, backed by Blackstone, holds over 54% stake in the Indian wealth manager. It had invested about $325 million in 2021.
Nuvama, headquartered in Mumbai, launched its asset management business in 2021 following its split with the Edelweiss group.
The firm currently provides services in wealth, asset management, and capital markets. It also offers advisory services to clients that span from entrepreneurs and promoters to high- and ultra-high-net-worth individuals, and corporate and institutional investors.
Nuvama has a market value of $2.3 billion. It listed on the Indian bourse on September 2023.
It made headlines last year, when it was said to be targeting a corpus of about $479 million for its latest Nuvama Crossover IV fund. According to a separate Bloomberg report at the time, Nuvama was in talks with a host of family offices and rich individuals in the Middle East for the same.
PAG, with a focus on credit & markets, private equity, and real assets, manages $55 billion in assets on behalf of nearly 300 institutional fund investors across global markets.
Less than 30% of PAG’s assets under management are in China, according to the firm.
