Clifford Chance

Clifford Chance advises TR Capital on US$150 million India multi-asset continuation fund managed by Samara Capital

Leading international law firm Clifford Chance has advised secondaries private equity firm TR Capital as the lead investor on the international aspects of a fund restructuring transaction of US$150 million. The transaction involves the acquisition of three Indian companies from Samara Capital Partners Fund II Limited by a newly incorporated vehicle. The TR Capital-led investor consortium also includes Stepstone Group, Unigestion and Axiom Asia.

The three acquired companies include SMT (Sahajanand Medical Technologies), India’s largest manufacturer of minimally invasive cardiovascular devices and supplier of stents; FirstMeridian Business Services, India’s third largest staffing company with a headcount of more than 118,000 associates; and Paradise Food Court, a biryani restaurant chain with 80 outlets across 10 cities. This is one of the largest secondaries transactions completed in India to date.

Partner Bryan Koo said, “We are proud to have advised TR Capital on this successful transaction. The Asian secondaries market, particularly in the active secondaries space, will become increasingly dynamic."

Bryan was supported by senior associate Winifred Chow, associate Petra Ho and trainee solicitors Bing Yi Lim and Priscilla Au-Yeung on the M&A aspects of the transaction. Partner Mark Shipman, consultant Benjamin Lohr and senior associate Sebastian Lehmann advised on the funds aspect of the transaction.