Religare announces strategic investment in Landmark Partners Monday, 06 December 2010 17:38

New Delhi, Simsbury, CT, and New York – Religare Enterprises Limited (Bloomberg: RELG@IN), an emerging markets financial services group, listed on the BSE and NSE in India, today announced a strategic investment, through its wholly owned subsidiary Religare Global Asset Management (RGAM) Inc., in Landmark Partners, a private equity and real estate fund-of-funds asset manager focused on secondary transactions.

The parties have signed a definitive agreement for Religare to acquire a 55% stake in the business of Landmark Partners for a consideration of upto US $ 171.5 Million. Landmark Partners’ entire management team has made longterm commitments to its business as part of this transaction and will retain a significant equity stake in the business.

The management team will continue to run the day-to-day operations without any change and be responsible for all investment decisions. The transaction is subject to customary closing conditions and regulatory approvals.

Religare’s asset management strategy is to partner with “best-of-breed” asset management firms from around the world operating within a variety of asset classes and investment disciplines. Religare provides strategic support and capital to help facilitate responsible growth of its affiliated firms, while leaving the existing investment professionals in charge of day-to-day operations.

This strategic transaction represents a clear opportunity for Landmark to expand its
secondary investment activity into countries where Religare’s broader financial services platform has a global presence.

In addition, Religare’s access to capital and global reach provide Landmark the opportunity to continue to
consistently create value for its investors with its unique and distinctive products in both existing and new markets.

Landmark Partners manages 27 private equity and real estate secondary funds-of-funds with more than $8.3 billion of committed capital. A pioneer in the private equity and real estate secondaries markets, Landmark was established in 1989 and executed its first significant secondary PE transaction in the same year. In 1996, Landmark Partners made its entry into the real estate secondary market.

Over the last decade, Landmark has also established investment programs with specialized fund-of-funds, co-investment, and direct investment strategies. With a total of 52 investment professionals and support personnel led by 14 management partners and principals, Landmark Partners possesses
the most experienced secondaries investment team in the industry. Landmark’s investor base is comprised of a diverse range of U.S. and international institutional investors that include public and private pension plans, insurance companies, foundations, endowments, and family offices.Landmark Partners is headquartered in Simsbury, Connecticut, and also has offices in Boston, Massachusetts, and London, U.K.