ICICI Prudential Asset Management Co Ltd is set to take over the private equity, venture capital, and real estate fund management businesses from its group company, ICICI Venture, according to a stock exchange filing.
The subsidiaries of ICICI Bank Ltd have informed the parent entity that their respective boards have granted an in-principle approval for the transfer of these businesses.
The filing noted that ICICI Venture will continue to undertake certain advisory activities and manage select residual funds. The cost of acquisition is not expected to be material in terms of ICICI Prudential AMC’s financial position, according to the filing. Upon completion, ICICI Prudential AMC will offer a fully integrated range of investment asset classes, including private equity.
The transaction is subject to regulatory approvals and the execution of definitive agreements.
As of March 31, 2025, ICICI Bank held 51% of the equity share capital of ICICI Prudential AMC and 100% of the equity share capital of ICICI Venture.
ICICI Venture was an early mover in India’s alternative investment industry. But it has lagged many others in its core PE business where several latecomers have created bigger funds. It has seen four bosses in the last two decades starting with Renuka Ramnath, who quit in mid-2009 to float her PE firm Multiples Alternate Asset Management. The firm is currently led by managing director and CEO Puneet Nanda.
While the firm still boasts a large historical asset book, thanks to its co-managed platforms and legacy funds, it is now a small mover in India’s sector-agnostic PE ecosystem.
The firm launched its fifth PE fund in the fiscal year ended March 2022. It raised about Rs 3,000 crore ($362 million), which included a greenshoe option of Rs 500 crore, VCCircle reported in August last year.
The firm has made PE-style bets on more than 60 companies including the likes of Theobroma Foods, Bharat Biotech, Go Fashions India, and Epack Durable. ICICI Venture also invests in real estate and infrastructure asset classes. It makes special situation investments, too.
The firm is currently raising its maiden venture capital fund, IVen Amplify Fund. This fund has a target of Rs 1,000 crore with an additional greenshoe option. It was also raising its fourth real estate fund, VCCircle reported last year. The fund had secured capital commitments of Rs 751 crore by March last year.
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