CVC Capital Partners has entered the race to acquire KKR’s majority stake in Avendus Capital after Mizuho Financial Group’s attempts to buy out the Mumbai-based company stalled, according to people familiar with the matter.
The Luxembourg-based alternative asset manager is assessing Avendus’s operations and financials, and deal talks are at an early stage, the people said, requesting anonymity as the information is private. CVC could still walk away, while KKR — which owns about 63% of the company — may consider other suitors, including Mizuho, they said.
A sale would mark one of the larger private equity exits in India’s financial services sector, signaling strong investor appetite for the country’s fast-growing capital markets and wealth management industry. For Avendus, a new backer with global reach could provide fresh momentum as it looks for a bigger share of advisory and asset management mandates in a fiercely competitive market.
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