Unitus Capital tops by deal volume; PwC, EY top table inclusive of due diligence & other services
SBI Capital Markets claimed the top position in the Venture Intelligence League Table for Transaction Advisor to Private Equity deals in 2016 acting as financial advisor to three qualifying PE investments worth $2,030 million. SBI Caps which advised the $1,630 million acquisition of tower assets of Reliance Infratel by Brookfield was followed by Ambit Corporate Finance ($1,645 million across two deals) and UBS Securities ($1,630 million across one deal). All the three investment banks were advisors to the biggest PE deal of 2016: the $1,630 million acquisition of telecom tower assets of Reliance Infratel by Brookfield.
The Venture Intelligence League Tables, the first such initiative exclusively tracking transactions involving India-based companies, are based on value of PE and M&A transactions advised by Transaction and Legal Advisory firms.
Kotak Investment Banking ($825 million across eight deals) and Avendus ($811 million across 15 deals) completed the top 5 slots for 2016 by value.
Unitus Capital topped the 2016 tables in terms of deal volume, advising a total of 16 deals ($72 million). Avendus and Spark Capital Advisors ($380 million across 12 deals) completed the top 3 slots in terms of deal volume. Unitus Capital advised deals included the $14 million fund raise by school financing NBFC firm Varthana from Kaizen PE, Zephyr Peacock, Omidyar Network, LGT Venture Philanthropy and Elevar Equity. Spark Capital advised the $68 million investment in Apollo Health and Lifestyle by IFC.
o3 Capital ($320 million across 11 deals) and Masterkey Holdings ($42 million across 10 deals) took the fourth and fifth spots in terms of deal volume.
Inclusive of its roles in due diligence and related advisory activities, PwC topped the league table for transaction advisor for PE deals in 2016 advising deals with a value tag of $4,044 million (across a total of 59 deals). PwC advised deals included the $30 million investment in Maiyas Foods by Peepul Capital. Ernst & Young came in second advising 47 deals worth $3,277 million, which included the $18 million investment in Anthea Aromatics by ICICI Venture.
Among Impact / Social Venture investments, Unitus Capital was followed by Intellecap in terms of number of deals advised - eight deals with a value tag of $38 million including the $25 million investment in Electronic Payment and Services by Apis Partners.
Among Early Stage investments, IndigoEdge topped advising eight deals worth $32 million. IndigoEdge advised deals included the $10 million investment in Shadowfax by Eight Roads Ventures. Dexter Capital which advised the $2 million investment in Sheroes by Lumis Partners, The HR Fund and others took the second spot advising six deals worth $12 million.
Avendus advised 10 PE deals worth $494 million involving Information Technology (IT) focused companies, followed by Credit Suisse and Jefferies & Co. (who advised the Quest Global – Advent International deal worth $80 million.) Signal Hill Capital finished third advising three tech deals worth $57 million.
Kotak led the BFSI tables advising three deals with a value tag of $448 million, followed by SBI Caps ($400 million across two deals) and Ernst &Young($268 million across two deals).
Among Education deals, o3 Capital topped the tables advising deals worth $135 million across two deals. Anand Rathi which advised the NSPIRA – CX Partners deal ($59 million) and Avendus which advised the $50 million fund raise by Byjus Classes, completed the top three slots.
Morgan Stanley which led the Energy deals table advising the PE investment by GIC and ADIA in Greenko Group was followed by Ernst & Young (Hero Future Energy – IFC worth $125 million) and Deloitte (Azure Power – CDPQ worth $75 million)
Among Cleantech investments, Greenstone Energy Advisors advised the Punj Lloyd Solar Power – IDFC Alternatives deal while Encito Advisors acted on the fund raise by EcoCentric Mangement from individual seed investors.
2016 saw lot of new transaction advisors entering the Venture Intelligence League Table including TheRainMaker Group, Mazars India, Encito Advisors, Sparrow Advisory, BDA Partners and Proficio Advisors.
The full league tables can be viewed online at