Singapore-based Basil Partners, a tech investor, has closed its third fund. No financial terms were disclosed. The anchor investors were Committed Advisors and NewQuest Capital Partners. Capstone Partners was the financial adviser to Basil on the transaction and the placement agent. Dechert LLP provided legal counsel for the limited partners and the fund while Lexygen India did likewise for Basil.
SINGAPORE–(BUSINESS WIRE)–Basil Partners (“Basil”) announced today the closing of their third fund, which has been formed through a complex restructuring and secondary acquisition of a portfolio of seasoned digital services companies.
The transaction was anchored by Committed Advisors (“Committed”), an independent private equity firm, out of its €1bn global secondary fund raised in 2016, and NewQuest Capital Partners (“NewQuest”), a leading secondaries private equity platform focused on the Asia-Pacific region with over US$1.25 billion committed capital under management.
Basil Partners’ advisory team consists of specialist technology investors with deep experience in digital business transformation services using niche, disruptive and high growth technologies. Led by Rajeev Srivastava, a successful serial entrepreneur, alongside Sameer Kanwar, his Partner, Basil is well known within the technology communities of SE Asia, India and USA for founding, growing and successfully exiting tech and tech related businesses. Sanjiv Maheshwari, a long standing Senior Advisor in India, provides key support services to Basil and its investee companies.
The transaction was conceptualized and structured by Soma Ghosal Dhar, who joins the Basil team as a Partner and CEO of Basil Technology Partners Pte Ltd. Soma is a veteran of the private equity space in Asia, with prior stints at Credit Suisse and GE, and specializes in investing in knowledge-based sectors.
Capstone Partners acted as the exclusive financial advisor and placement agent for Basil in this transaction. Dechert LLP acted as legal counsel for the limited partners and the fund, while Basil retained Lexygen India.
On this transaction, Rajeev Srivastava, Managing Partner of Basil said, “We are very pleased about this partnership with our new investors, which will enable Basil to recapitalize and continue the very exciting growth story in our tech services portfolio. With combined revenues of US$300 million and market recognition for their IP in new digital technologies, our portfolio companies are very well positioned to benefit from this partnership.”
Barthélémy de Beaupuy, Co-Founder of Committed Advisors and Head of its Singapore office, commented, “We are thrilled to partner with the deeply experienced technology investment professionals at Basil, and we look forward to supporting their digital services portfolio as they continue to broaden their offering and deliver best-in-class solutions and services.”
Amit Gupta, Founding Partner at NewQuest, stated, “The Basil transaction is a landmark transaction for Asia. It entailed a complex restructuring of a portfolio of previously disparate stakes and provides for additional capital. The transaction positions the companies well for capturing the next stage of growth with the guidance and specialist knowledge of the Basil team. We are truly excited to embark on this new chapter with the Basil team.”
Headquartered in Singapore, Basil Partners is a specialist technology investor. Active since 2008, the forte of the Basil team is in identifying and investing in niche technologies that are disrupting the IT services space and being involved as active operating partners.
About the Anchor Investors
Committed Advisors is an independent private equity firm, with EUR 2.0 billion of discretionary committed capital under management. The principals of the firm have deep experience in the private equity secondary market, having completed more than 100 transactions for a total of USD 3.0 billion invested over the past 17 years. With offices in Paris, New York and Singapore, Committed Advisors provides a broad range of solutions to investors and general partners seeking liquidity or new options for their private equity assets. To learn more, please visit www.committedadvisors.com
NewQuest Capital Partners (“NewQuest”) is the leading secondaries private equity platform focused on the Asia-Pacific region. NewQuest specializes in providing alternative liquidity solutions to private equity asset owners on a direct and indirect basis. NewQuest acquires private equity positions directly through portfolio and single asset transactions and also partners with incumbent managers to provide liquidity to limited partners. NewQuest currently manages three funds with aggregate capital commitments of over US$1.25 billion. For more information, please visit www.nqcap.com