Mumbai: The Rohatyn Group (TRG), a specialized asset management firm focused on emerging markets, on Monday said it has acquired the J.P. Morgan Asian Infrastructure and Related Resources Opportunity (AIRRO) platform.
With the sale of AIRRO, JPMorgan has exited the India infrastructure investment space. In December, Mint reported that JPMorgan was also looking to sell its maiden Indian real estate fund. In 2006, JPMorgan Asset Management had raised $360 million for its maiden real estate fund in India called JPMorgan India Property Fund.
In addition to acquiring the rights to manage the AIRRO funds, the India-based AIRRO investment team will join TRG’s India private markets team as part of the transaction. Rajeev Kalra, TRG managing director and head of India, will lead the combined group from offices in Mumbai and New Delhi, the company said in a statement.
“We welcome AIRRO investors to our firm and further our mission of providing LPs (limited partners) with thoughtful solutions to achieve their investment goals in emerging markets. As with other platform acquisitions that TRG has previously undertaken, our highest priority will be to maximize the AIRRO portfolio’s value with an eye towards successful realization of its investments," said Nicolas Rohatyn, chief executive officer and chief investment officer of TRG.
TRG sees a pressing need for increased and improved infrastructure across emerging markets to perpetuate the growth and dynamism of these economies, Rohatyn added.
The AIRRO funds currently hold approximately $750 million in Indian assets across investments spanning the toll road, thermal power, renewable energy, and social infrastructure sub-sectors.
The addition of AIRRO’s portfolio of Indian infrastructure assets is a strong strategic fit with TRG’s focus on structural and special opportunities in emerging markets, TRG said. “TRG has multifaceted experience in infrastructure and renewable energy, including CapAsia, TRG’s Southeast Asian infrastructure subsidiary, which is in the process of being fully integrated into the firm," the statement added.
TRG had made in its India entry, in 2013, through the acquisition of Citi Venture Capital International global portfolio, which included investment in India. TRG, founded in 2002, is an emerging markets asset management firm headquartered in New York.
It has offices around the globe including Boston, Singapore, Seoul, Rotorua, London, Buenos Aires, Lima, Montevideo, Mexico City, São Paulo, Mumbai and New Delhi.