The Rohatyn Group (TRG), a New York-based emerging markets asset management firm, has bought the JPMorgan Asian Infrastructure & Related Resources Opportunity (AIRRO) platform, for an undisclosed sum.
The AIRRO funds manage nearly $750m in Indian assets across toll road, thermal power, renewable energy, and social infrastructure sub-sectors.
TRG CEO and CIO Nicolas Rohatyn said: “As with other platform acquisitions that TRG has previously undertaken, our highest priority will be to maximise the AIRRO portfolio’s value with an eye towards successful realisation of its investments.”
The AIRRO team will move to TRG’s India private markets team as part of the deal. The merged entity will be headed by TRG managing director and head of India Rajeev Kalra from offices in Mumbai and New Delhi.
“We see a pressing need for increased and improved infrastructure across emerging markets to perpetuate the strong growth and dynamism of these economies. The firm has a deep pool of investment professionals with decades of experience investing in the sectors and markets where AIRRO operates, and are excited to bolster these resources with the experience of the AIRRO team to achieve successful outcomes for our investors,” Rohatyn noted.
TRG entered into the Indian private markets space in December 2013 with the takeover of Citi Venture Capital International.