TVS Venu Group to acquire PGIM's India asset management unit

TVS Venu Group has agreed to acquire the Indian mutual fund and alternates business from global asset manager PGIM.

Sudarshan Venu-led group has entered into definitive agreements, through TVS Venu Management and Consultancy Services Pvt. Ltd, to acquire a 100% stake in PGIM India Asset Management Pvt. Ltd (PGIM India AMC) and PGIM India Trustees Pvt. Ltd, said a company statement.

The company will buy a 100% stake in PGIM India AMC from Prudential Financial, the deal size for which was not disclosed. The transaction is subject to regulatory approvals and other customary closing conditions.

Khaitan & Co was the legal advisor to TVS Venu Group, and Shardul Amarchand Mangaldas & Co was the legal advisor to Prudential Financial. Ernst & Young LLP acted as the exclusive M&A advisor to Prudential Financial.

PGIM India AMC managed assets worth ₹30,000 crore as of December 2025 and had 25 schemes as of March 2026. Its losses widened to ₹23.6 crore in FY25, according to its annual report.

The domestic mutual fund industry’s assets under management (AUM) are at ₹82.03 trillion as of February, growing almost 3x since 2021, according to the Association of Mutual Funds of India (Amfi). Debt mutual funds account for ₹19.44 trillion, hybrid schemes contribute ₹11.13 trillion, and the rest are equity assets.

Abhishek Tiwari is the current chief executive officer at PGIM India AMC, while Vinay Paharia is the chief investment officer.

PGIM India AMC, formerly DHFL Pramerica Mutual Fund, was started in 2008 as a trust sponsored by Prudential Financial and in 2010 received the Securities and Exchange Board of India’s approval to commence its mutual fund business and operations.

Prudential Financial, with operations spanning the US, Asia, Europe, and Latin America, provides a wide array of products and services, including life insurance, annuities, retirement-related services, mutual funds, and investment management.