PE, VC exits up threefold in February

Private equity (PE) and venture capital (VC) exits jumped more than threefold to $472 million in February 2019, compared with the corresponding month of the previous year, according to a report from auditing and consultancy firm EY. The deals were driven by a rebound in open market exits after the volatility in the stock market subsided. The decision of Bain Capital and Singapore’s sovereign fund GIC to sell a 5% stake in business process management firm Genpact for $324 million to the public markets was the month’s biggest deal. Pune-based warehouse and logistics park developer KSH Infra saw Morgan Stanley Real Estate acquire Pacific Century Group’s stake for $49 million in the other big exit. There were four open market exits in February worth $351 million, more than three times the value recorded in February 2018, and the highest in the past six months, PE and VC investments in February surged 51%, compared with the year-ago period, driven by larger big-ticket deals, that is, deals of $100 million or more. The month saw $2.6 billion across 61 deals, of which SoftBank and Carlyle’s $415 million investment in logistics firm Delhivery was the largest. ReNew Power’s $350 million debt fundraise from the Overseas Private Investment Corp., and Airtel Africa’s $200 million fundraise from the Qatar Investment Authority were some of the other big rounds. The month saw buyouts such as True North’s acquisition of Max Bupa Health Insurance, as well as Blackstone’s buyout of Aadhaar Housing Finance.