Avendus tops League Table for Transaction Advisors to Private Equity deals in 2024

Citi and Ernst & Young claim the No.2 & 3 slots

Avendus topped the Venture Intelligence League Table for Transaction Advisor to Private Equity Transactions in 2024 (by Value) advising 25 deals worth $3.8 Billion. Citi stood second having advised the $2.5 Billion acquisition of the Indian business of American Tower Corporation by Brookfield. Ernst & Young followed with 22 deals worth $1.64 Billion. Moelis & Company, JP Morgan and Jefferies & Co. took the fourth spot advising deals worth $1.62 Billion. JM Financial ($1.5 Billion across 6 deals) completed the top five for 2024.

Among the largest PE deals during 2024, apart from Brookfield-American Tower Corp deal advised by Citi, JP Morgan and Moelis & Company advised the $1.6 Billion exit of Advent International from Bharat Serums & Vaccines. Avendus, Barclays, and JM Financial advised the $554 million acquisition of Shriram Housing Finance by private equity firm Warburg Pincus. Avendus advised the $500 million investment in Sterlite Power Transmission by GIC.

Among the larger PE deals during Q4 2024, JM Financial advised the $350 million investment in Advanta Enterprises from Alpha Wave Global. Avendus advised the $210 million investment led by Temasek in Rebel Foods. Ambit and DC Advisory advised the $210 million acquisition of Indostar Home Finance by EQT Private Capital Asia.

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.

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

By Deal Volume

Avendus topped the tables in terms of deal volume as well during 2024, having advised 25 deals. It was followed by Ernst & Young with 22 deals. Unitus Capital took the third spot by advising 20 deals. Ambit took the fourth spot advising 14 deals. Pantomath Capital, which advised 13 deals, completed the Top 5.

By Industry (Excluding Due Diligence, Tax, Other Advisory Services)

Among PE transactions in the Infrastructure* industry (by value), Citi ($2.5 Billion) stood first followed by Avendus ($1.1 Billion). Ambit ($795 million) and Ernst & Young ($773 million) took the third and fourth spot respectively. Aeka Advisors ($477 million) completed the Top 5. By deal volume, Ernst & Young (6 deals) topped the table, followed by Ambit (4 deals). Avendus and Sprout Capital took the third spot advising 3 deals each.

Under the Healthcare & Life Sciences industry (by value), Jefferies & Co., JP Morgan and Moelis & Company ($1.63 Billion) stood first, followed by o3 Capital ($645 million). Veda Corporate Advisors ($389 million) took the third spot. By deal volume, o3 Capital (7 deals) topped the table, followed by Transaction Square (4 deals). Veda Corporate Advisors and Avendus took the third spot with 3 deals each.

Under the BFSI industry (by value), JM Financial ($978 million) stood first, followed by Avendus ($739 million). Barclays ($554 million) took the third spot. By deal volume, Unitus Capital (13 deals), ICICI Securities (5 deals) and DC Advisory (4 deals) took the top three spots.

Including Other Advisory Services

Inclusive of its roles in due diligence and related advisory activities, PwC topped the PE deal advisors table for 2024, having advised 190 deals worth $18.1 Billion, followed by Ernst & Young with 137 deals worth $17.7 Billion. KPMG took the third spot having advised 61 deals worth $9.1 Billion. Avendus stood fourth, having advised 26 deals worth $4.6 Billion. Jefferies & Co. completed the Top 5 with 3 deals worth $2.5 Billion.

By Deal Volume

PwC topped the PE deal advisory table by volume in 2024 having advised 190 deals. Ernst & Young took the second spot with 137 deals. The third spot went to AVA Insights which advised 77 deals. KPMG (61 deals) took the fourth spot, with BDO India (48 deals) completing the top five.

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

To showcase your firms' transactions in the 2025 League Tables, contact Vanathi at

deals@ventureintelligence.com.

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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