AZB tops League Table for Legal Advisors to PE deals in H1’23

Trilegal and Shardul Amarchand Mangaldas claim the No.2 & No.3 slots

AZB & Partners (AZB) topped the Venture Intelligence League Table for Legal Advisor to Private Equity Transactions in H1 2023. The firm advised PE deals worth $8.7 Billion (across 42 qualifying deals) during the period. Trilegal ($7.4 Billion across 35 deals) and Shardul Amarchand Mangaldas (SAM) ($6.5 Billion across 56 deals) took the second and third spots respectively. Khaitan & Co. ($3.6 Billion across 38 deals) and J Sagar Associates (JSA) ($3.5 Billion across 10 deals) completed the top five.

Among the larger Private Equity deals during H1 2023, AZB, Trilegal, J Sagar Associates (JSA) and Milbank advised Singapore government owned Temasek Holdings’ $2 Billion investment in Manipal Hospitals. Trilegal, SAM, Khaitan & Co. and Wadia Ghandy advised $1.42 Billion fund investment by GIC in Brookfield India Real Estate Trust REIT. AZB, Wadia Ghandy, JSA and SAM advised the $1.1 Billion buyout of HDFC Credila by a consortium of private equity firms, including BPEA EQT and ChrysCapital.

The Venture Intelligence League Tables, the first such initiative exclusively tracking transactions involving India-based companies, are based on the value of PE and M&A transactions advised by Financial and Legal Advisory firms.

Among foreign firms, Milbank came on top having advised 1 deal worth $2 Billion. Followed by Freshfields Bruckhaus Deringer advising 2 deals worth $870 million. Gornitzky & Co. took the third spot advising 1 deal worth $570 million.

The full league table can be viewed online at https://www.ventureintelligence.com/leagues.php

By Deal Volume

India Juris topped the tables in terms of deal volume having advised 107 deals during the quarter. Peritum Partners took the second spot with 105 deals. This was followed by Burgeon Law with 71 deals. IndusLaw took the fourth spot with 68 deals, and SAM completed the top five with 56 deals.

Among foreign firms, Freshfields Bruckhaus Deringer, Allen & Overy and Gunderson Dettmer came on top having advised 2 deals each. Others followed include Milbank, Gornitzky & Co., Simpson Thacher & Bartlett, Kirkland & Ellis, Ropes & Gray and Morrison Foerster having advised 1 deal each.

By Industry

Among PE transactions in the IT & ITeS industry (by value), SAM ($1.86 Billion) stood first followed by Khaitan & Co. ($1.49 Billion). IndusLaw ($1.2 Billion) and CAM ($1 Billion) took the third and fourth spots respectively. Trilegal ($912 million) completed the top five. By deal volume, IndiaJuris (74 deals) topped the table followed by Peritum Partners (73 deals) and Burgeon Law (51 deals). IndusLaw took the fourth spot with 42 deals and Goyel & Goyal completed the top five with 31 deals.

Under the Healthcare sector, AZB topped the table having advised 6 deals worth $2.92 Billion, followed by Trilegal with 3 deals worth $2.56 Billion. Milbank and JSA took the third spot advising deal worth $2 Billion respectively. SAM (6 deals worth $135 million) completed the top five. By Deal volume IndiaJuris topped with advising 7 deals. SAM and AZB took the second spot advising 6 deals each. IndusLaw took third spot advising 5 deals.

SAM (11 deals worth $2.1 Billion) topped the Real Estate industry investments by value and volume. Trilegal took the second spot advising 7 deals worth $2 Billion. Followed by Wadhia Ghandy and Khaitan & Co. advising 1 deal worth $1.4 Billion each.

Under the Financial Services industry, AZB topped the table by value advising 6 deals worth $1.3 Billion followed by SAM advising 6 deals worth $1.2 Billion. Wadia Ghandy and JSA took the third spot advising 1 deal worth $1.1 Billion.

The full league table can be viewed online at https://www.ventureintelligence.com/leagues.php

To showcase your firms' transactions in the 2023 League Tables, mail Vanathi at

deals@ventureintelligence.com.

About Venture Intelligence

Venture Intelligence is India's longest-serving provider of data and analysis on Private Company Financials, Transactions (private equity, venture capital, and M&A) & their Valuations in India.

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