Deal of the month: Indian PE’s new path forward

Author: | Published: 23 Feb 2017

Global private equity firm Advent’s synthetic margin loan transaction is the first in India to use listed Indian shares as a backup

Advent International's latest loan transaction is a landmark on many fronts. It's the first to share similarities with three different financial instruments: a masala bond, an equity derivative and a margin loan. But it's also the latest example of a growing trend that sees private equity firms launch bespoke ways to secure new financing.

Private equity has had a rebirth in the Indian market in the past 12 to 18 months. Compared to other so-called growth markets, the Asian country is politically stable, and benefits from good liquidity and a growing pool of private companies to invest in.

The Indian government has, until recent months, regulated the offshore financing market tightly, with a majority of companies prevented from raising funding or borrowing money abroad. It opened the...



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