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LVMH-backed PE fund seeks SEBI approval, look at 9 brands in the luxury giant’s portfolio

Investments by <keyword id="34499" type="General" weightage="20" keywordseo="private-equity" source="Orion">private equity</keyword> (PE) and <keyword id="6357097" type="General" weightage="20" keywordseo="venture-capital" source="Orion">venture capital</keyword> (VC) funds to homegrown companies declined to $27.9 billion across 697 transactions this year (as of December 20), compared to $47.62 billion across 1,364 deals in 2022, according to a new report. 2023 saw more money being pulled out from the country by private equity players, with overall exits reaching $19.34 billion from 248 companies, in comparison to 233 exits worth $18.45 billion in 2022, according to data from Venture Intelligence and industry body IVCA. Meanwhile, venture <keyword id="989750" type="General" weightage="20" keywordseo="capital-funding" source="Orion">capital funding</keyword> for <keyword id="6362513" type="General" weightage="20" keywordseo="startups" source="Orion">startups</keyword> declined by 72 per cent this year compared to last year. The new-age companies in the country received $7.5 billion across all stages (as of December 15), compared with $25 billion last year, according to the data. The fall in <keyword id="6357455" type="General" weightage="20" keywordseo="funding" source="Orion">funding</keyword> this year is chiefly attributed to slow late-stage deals (Series D and above), which more than halved to $3.5 billion from $11.70 billion in 2022. The early-stage funding deals slowed down. The number of deals declined to almost half to 414 rounds from 871 rounds in the year-ago period, according to the report. Growth-stage funding rounds dropped to $1.9 billion via 99 deals, compared with $6.84 billion from 230 deals in 2022. Making a dent in India's startup growth story, the country slipped to fourth position in the global ranking among the highest-funded geographies in 2023, as it recorded lowest funding in five years. After grabbing the third spot globally in 2021 as well as in 2022, India ranked fourth behind the US, the UK and China this year, receiving only $7 billion in total funding (till December 5), according to recent data by global market intelligence platform Tracxn. In the third quarter (Q3) this year, India even slipped to fifth position among the highest-funded countries -- behind the US, the UK, China and France.

PE, VC investments in domestic companies drop to $27.9 bn in 2023

<ul><li>In the September quarter, 21 <keyword id="15966109" type="General" weightage="20" keywordseo="mainboard-ipos" source="Orion">mainboard IPOs</keyword> raised as much as $1.77 billion, says an E&amp;Y report.</li><li>This momentum is expected to continue well into the second half of 2024.</li><li>Companies are striving to file for IPOs before the 2024 Indian elections, the firm says. </li></ul>The buzzing Indian initial public offer (IPO) market is the best globally, says a report by Ernst &amp; Young. In the September quarter, 21 mainboard IPOs raised as much as $1.77 billion – marking a 3.7x growth in amount rates and 4.2x growth in number of deals. The SME IPO market too recorded significant success by raising $165.7 million via 48 IPOs in the third quarter of 2023. And this momentum will go on for another another, predicts the consulting firm’s IPO trends report. “The IPO landscape is witnessing a surge in activity driven by both an urge to tap the capital markets pre-or-post Indian general elections and strong economic activity, positive domestic and foreign investor sentiment towards India. This momentum is expected to continue well into H2 2024,” said Adarsh Ranka, partner and financial accounting advisory services leader, member firm of EY Global. The pipeline ahead is strong with over 25 companies filing their Draft Red Herring Prospectuses (DRHPs) in Q3. It demonstrates a strong intent to raise funds in the upcoming quarters, the report opines. The three largest IPOs in Q3 were RR Kable, Concord Biotech, and SAMHI Hotels. Key sectors contributing to this IPO surge included diversified industrial products, consumer products and retail, and technology. “Market optimism is attributed to several factors, including the US recession, the Federal Reserve's pause in interest rate hikes, and inflation. Companies are striving to file for IPOs before the 2024 Indian elections, with the demand for IPOs surging this year compared to 2022,” says E&amp;Y. Listing gains and more IPOs This year’s tranche of IPOs also rewarded their investors with positive listing gains. According to Pranav Haldea, managing director of PRIME Database Group, IPO response was further buoyed by strong listing performance. The average listing gain increased to 29.4% in the first half of 2022-23. Ideaforge with 93% returns, Utkarsh Small Finance Bank with 92% and Netweb Technologies with 82% returns are some of the best performing IPOs. “The markets continue to reward companies with robust, scalable, and well-governed business models,” says E&amp;Y. In line with primary market fund raises, August 2023 also witnessed a remarkable $5.2 billion in <keyword id="3472800" type="General" weightage="20" keywordseo="pe/vc-investments" source="Orion">PE/VC investments</keyword>. This is a 127% increase compared to August 2022 and an 18% increase from July 2023. <keyword id="12977634" type="General" weightage="20" keywordseo="pe/vc-exits" source="Orion">PE/VC exits</keyword> reached $4.3 billion across 37 deals, marking a 35% year-over-year increase in value.

D-Street debuts rake in $1.77 bn in Q3; momentum to continue till general elections

<ul><li>Domestic AIFs saw tepid activity as residential <keyword id="6354553" type="General" weightage="20" keywordseo="real-estate" source="Orion">real estate</keyword> debt witnessed lower demand.</li><li>Large deals dominated the PE investment in real estate in the first nine months of FY24.</li><li>Commercial real estate continued to attract large fund flows, and PE investors favour equity vs debt. </li></ul>A sharp rise in home sales as well rising office occupancies might be the talk of the town. Yet, private equity investments in the sector remained muted. In the first nine months of FY24, i.e. April to December 2023, <keyword id="189346" type="General" weightage="20" keywordseo="pe-investments" source="Orion">PE investments</keyword> in the sector registered a 26% decline, says a report by Anarock. Investor activity remained tepid due to geopolitical uncertainties as well as a high interest rate environment. The size of domestic investments however declined to 14% of total capital flows to $360 million as compared to $717 million in the same period last year. "Domestic alternate investment funds (AIFs) have seen lower activity levels as their favoured asset class — residential real estate debt – witnessed lower demand for high-cost funds. Strong residential pre-sales and an accommodative stance by state-owned banks have led to reduced demand for capital from the more expensive AIFs," said Shobhit Agarwal, MD &amp; CEO of Anarock Capital. The average ticket size marginally increased to $95 million from $91 million in the same time last year. This is largely due to a mega $1.4 billion deal in which Brookfield India Real Estate Trust REIT and Singapore’s GIC together acquired two commercial assets in Mumbai and Gurugram. The deal also aided the sharp rise in multi-city transactions. Otherwise, Mumbai Metropolitan Region led the transaction league tables in city-specific transactions. The region saw investments flows to the tune of $694 million. Top 5 real estate PE deals in 9MFY24 <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Investor </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Recipient </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Asset class </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Deal size </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Brookfield RE Trust REIT &amp; GIC </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Brookfield AMC </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Commercial </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$1.4 bn </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">CPP Investments </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">RMZ Corp </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Commercial </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$325 mn </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Morgan Stanley </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Prakhhyat Group </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Warehousing </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$85 mn </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Blackstone </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Allcargo </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Warehousing </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$76 mn </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Kotak Data Center Fund </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Sify Infinit Spaces </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Data Center </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$73 mn </td></tr></tbody></table>Source: Anarock Office spaces dominate Most of the PE investment flows for the fiscal year flew into office spaces which dominated the big ticket deals. Data centers also became an emerging new asset class for investors. Domestic debt funds also showed interest in commercial projects. Varde Partners had invested $91 million in a Hyderabad based project by Phoenix Group. “The sector’s reliance on IT/ITeS diminished, with manufacturing, BFSI, and co-working spaces contributing to resilient demand. Anticipated growth in the IT/ITES sector is expected as more employees shift to working from offices for 3-4 days weekly,” said Anarock. Residential real estate was also one of the key sectors which saw large deals in 9M FY24. HDFC Capital as well as PAG invested over $60 million in CCI Projects and Kalpataru Group respectively. In times when overall flows softened, large deals dominated the scene. Top ten deals accounted for 87% of the total value of PE investments. In the same period last year, they accounted for 76%. While debt capital also flowed in, equity investments are preferred route for PE investors, which is visibly healthy at 84% of total deals.

Real estate hit its highs in 2023 but slipping PE investments a worry

<ul class="summary-list"><li>Gaurav Singh founded a fund to buy software companies after his Harvard MBA.</li><li>He shifted to search funds after struggling to gain traction with startups.</li></ul>During his MBA at Harvard Business School, Gaurav Singh pursued a tennis coaching app that didn't gain much traction with venture capitalists.The app ultimately failed, and after graduation, he worked for a year and a half at an artificial intelligence startup in Toronto before exploring other avenues. He landed on an option that's becoming increasingly popular with top MBAs and entrepreneurs: launching his own search fund.In February, Singh, 31, founded Guddi Growth. The Toronto-based search fund focuses on buying software-as-a-service companies with annual recurring revenue of at least $5 million.<h2 id="a04e0ee0-c77f-4845-9cff-fb8684d52c52">Lower salary — but a big potential payday</h2>A search fund founder like Singh raises money from investors to buy and operate a privately held business, like manufacturing, home improvement, and transportation companies.Investors put $2.3 billion in search funds between 1986 and 2021, according to a <a target="_blank" href="https://www.gsb.stanford.edu/gsb-box/route-download/618926">2022 report from the Stanford Graduate School of Business</a> — a small sliver of the money that's gone to private equity firms. They have generated about $9.8 billion for investors and $2.4 billion for entrepreneurs, per Stanford.And they're becoming an increasingly popular career choice: Until 2013, fewer than 10 funds were launched per year, on average, according to Stanford's report. But by 2020, 66 such funds hit the market. A third of "searchers," as Stanford termed the fund founders, took a recent business school class about entrepreneurship through acquisition.In some ways, search funds are like a mini version of private equity: They target small companies, often with a handful of employees that serve regional markets, and can own several businesses. Investors typically mentor the searcher in their day-to-day operations.Singh said he raised $530,000 from investors for the next two years — an amount he can spend at his discretion to pay his salary, business travel, and company expenses. That's above the median of $425,000 per person raised in Stanford's survey of searchers in 2021.His fund is backed by a dozen investors, including search fund-specific investors and private equity firms he pitched. He's in talks to buy two companies.Exit strategies can include selling the revamped company to a bigger private equity firm, going public, or buying out the initial investors and continuing to run the business.For Singh, running a search fund means making less money in the short-term than his HBS classmates who work in consulting or private equity."Why you do this job is that when you make a sale, you probably get $5 million at the end of it," he said about selling one of his acquisitions down the line.Here are three reasons why he decided on a search fund:<h2 id="782dc869-23ea-4dea-951d-8c082a8b64f7">Shift in the search fund business</h2><div type="image" title="Gaurav Singh outside Harvard Business School" height="1682" width="2243" msid="110649671" hostid="261"></div>Search funds stereotypically pick up small HVAC companies in the Midwest, not tech businesses."Historically, tech people have stayed away from search funds because it's not exciting to them," he said. "In the last couple of years, people have started to love software within the search fund space because it makes a lot of money for everyone."There is "massive opportunity" to find legacy software businesses that could benefit from a new or more efficient business model, he said. These could be projects that convert on-premise software companies to cloud companies or projects that change one-time software purchases to yearly subscriptions.<h2 id="93404864-09aa-4b63-a532-bf3d50a1060b">Generational transfer opportunities</h2>Many small companies do not have <a target="_blank" href="https://www.businessinsider.com/how-to-create-business-succession-plan-step-down-ceo-2022-1">succession plans</a> and may fold if they are not acquired, giving search funds a good pitch for buying them, Singh said."<a target="_blank" href="https://www.businessinsider.com/boomer-retiring-soon-ready-to-do-all-the-things-2024-5">Baby boomers are retiring</a>," he said. "They have had profitable companies with long-term sticky customer bases, and these customer bases are not going to go away."Singh said he is particularly excited about companies that could benefit from AI overhauls by automating sales and marketing or widening customer bases without increasing the number of employees.<h2 id="b3ac87ea-abe9-46a8-b7ef-d61000a353ab">Driver's seat</h2>Search funds are also an opportunity for Singh to work for himself. If he'd started in VC or PE, he wouldn't get as much hands-on expertise or immediate leadership experience."For me, it was the fastest way to get into the driver's seat," he said.He can work from anywhere in the world, which gives him flexibility to spend time with his friends and family, including his toddler daughter."As an entrepreneur, you work even harder, but how you work and where you work from is totally different," he said.Singh said he knew of about 20 MBAs from his Harvard cohort who started search funds, out of about 800 in his class.

Top MBAs are flocking to search funds. One Harvard grad explained why he founded a $530,000 fund to buy tech companies.

PE inflows into Mumbai realty drop sharply, NCR emerges as top favourite in 9MFY23: Anarock

<ul><li><keyword id="15532259" type="General" weightage="20" keywordseo="Cello-World" source="Orion">Cello World</keyword> is a Mumbai-based family owned business and is involved in the manufacturing of storage containers, water bottles, tiffin boxes, dinnerware and more.</li><li>The family-owned business has a presence across 30,000 retail outlets through more than 300 distributors.</li><li>ICICI Venture is among largest alternative asset managers with assets under management/advice of over $6 billion.</li></ul><keyword id="521692" type="General" weightage="20" keywordseo="ICICI-Venture-Funds" source="Orion">ICICI Venture Funds</keyword> Management, an alternative asset arm of ICICI Bank, has announced an investment of ₹360 crore in Cello World, a branded consumer houseware company. Cello World is a Mumbai-based, family-owned business and is involved in the manufacturing of storage containers, water bottles, tiffin boxes, dinnerware and more. The company was founded in 1967 but this is the time it has divested stake to a PE firm. “We are excited to welcome ICICI Venture Funds as our first investor in Cello World. We are confident of company maintaining its growth and profitability trajectory while providing the consumer with quality products. We look forward to benefitting from the vast managerial expertise of ICICI Venture as we expand our presence across products and geographies,” said Pradeep Rathod, chairman and MD at Cello World. The business has a presence across 30,000 retail outlets via 300 distributors with focus on steel and plastic bottles, thermoware, along with glassware/opalware. The company says that the houseware industry has witnessed secular growth along with a shift from being an unorganised to organised industry. Cello believes that it has been at the forefront of new product introduction with presence across materials i.e., plastics, steel, glass, opal, melamine, copper etc. “Cello World under the leadership of Rathod Family, its capable management team and its pan -India distribution network has demonstrated industry leading growth and profitability characteristics. The organised section of the industry will see further acceleration in the coming years with branding and premiumisation gaining ground,” said Gagandeep Singh, senior director, private equity, ICICI Venture. ICICI Venture is among largest alternative asset managers with assets under management/advice of over $6 billion. The company has a presence across four verticals i.e., private equity, real estate, infrastructure and special situations. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/health/elon-musks-weight-loss-mantra-is-not-new-but-heres-how-to-do-it-right/articleshow/95550740.cms">Elon Musk’s weight loss mantra is not new, but here’s how to do it right</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/indian-markets-open-flat-amid-mixed-global-cues/articleshow/95548382.cms">Indian markets open flat amid mixed global cues</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/medanta-hospitals-operator-global-health-lists-at-18-5-premium-3x-the-premium-quoted-by-grey-market/articleshow/95546750.cms">Medanta Hospitals operator Global Health lists at 18.5% premium, 3x the premium quoted by grey market</a>

ICICI Venture Funds invests ₹360 crore in houseware brand Cello World

<ul><li>PE inflows into real estate fell by 20% in the first half of 2023, as compared to last year. </li><li><keyword id="6363605" type="General" weightage="80" keywordseo="knight-frank" source="Orion">Knight Frank</keyword> predicts a rebound in the second half, which will help 2023 to see 5.3% growth. </li><li>The office sector took away over a lion’s share of the investments H1 2023, at $1.7 billion. </li></ul>Private equity investors in India’s real estate sector have taken a measured approach in the first half of 2023. The inflows slipped by 20% in the period as compared to the year before, as per a report by Knight Frank. This in spite of strong economic growth seen in India in the last few quarters and high long-term confidence among global investors. "We have witnessed a decline in the volume of investments over the past year due to the economic challenges faced worldwide, leading some large economies to take drastic fiscal and monetary policy measures. This has further caused investors to re-evaluate their strategies, at least in the short-term,” said Shishir Baijal, chairman &amp; managing director of Knight Frank. The consultancy says that the moderation in growth is limited considering the prevailing global concerns. It also expects a rebound in the second half of the year. Overall, <keyword id="189346" type="General" weightage="20" keywordseo="pe-investments" source="Orion">PE investments</keyword> in the Indian real estate sector are estimated to touch $5.6 billion in 2023, a 5.3% YoY growth, Knight Frank predicts. Offices rule the PE sector The office sector took away over a lion’s share of the investment pie — at 68%. This was followed by warehousing which accounted for 21% of the investments, while the residential sector received the lowest part of the share, at 11%. “The India office sector continues to attract investors, particularly for ready income-yielding assets. Looking ahead, the office sector is expected to remain a favourite among investors, as it is likely to maintain its momentum in the short to mid-term," said Baijal. PE investments into real estate sector in H12023 <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Asset class </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">PE investments </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">% of funds received </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">No of PE deals </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Office </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$1,750 mn </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">68% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">4 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Warehousing </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$555 mn </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">21% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">5 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Residential </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$277 mn </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">11% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">5 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Total </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$2,582 mn </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"> </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">14 </td></tr></tbody></table>Source: Knight Frank “The market demand for Grade A office space, particularly flexible office spaces, is witnessing a notable surge. The supply of Grade A office space is still lower than the existing demand, further contributing to the attractiveness of this market,” Amal Mishra, co-founder, Urban Vault, a Bengaluru based managed co-working space provider. Mumbai received the highest investments accounting for 48%, NCR stood second at 32% and Bengaluru at 13%. The region of investors also shifted drastically as nearly 75% of investments came from Asian countries in H1 2023. In the same period last year, 86% of investments came from Canada and the US. SEE ALSO <a href="https://www.businessinsider.in/business/news/over-a-100-mn-indians-have-tried-products-pushed-by-influencers-and-its-growing/articleshow/101331878.cms">Over a 100 mn Indians have tried products pushed by influencers and its growing</a> <a href="https://www.businessinsider.in/india/news/a-million-streams-every-3-minutes-but-only-5-of-ott-audio-users-pay-for-it/articleshow/101313692.cms">A million streams every 3 minutes, but only 5% of OTT audio users pay for it</a>

Real estate sector sees private equity investments slip 20% in first half of 2023

<ul><li>PE/VC investors raked in ₹97,500 crore via exits from 78 companies in 2023.</li><li>Midcaps accounted for 50% of the total exit deals at ₹48,700 crore.</li><li>Foreign investors like <keyword id="163404" type="General" weightage="20" keywordseo="softbank" source="Orion">Softbank</keyword> and Warburg Pincus sold stock worth ₹81,200 crore. </li></ul>Thanks to the bull run which has also seen the market change its view on new-age companies — the year gone by has been spectacular for private equity and venture capital (VC) investors. Combined, they have raked in almost ₹1 lakh crore (₹97,500 crore to be precise) via exits from 78 companies, as per a report by Nuvama. “The robust secondary market presented PE/VC firms with a golden opportunity for profitable exits, thanks to a consistent influx of flows, notably from domestic institutional investors (DIIs). Consequently, 2023 witnessed record-breaking PE/VC exits via secondary markets in India's equity history,” the report said. It also comes as no surprise that it’s the midcap companies that offered their investors easy and profitable exit options during the year. The cumulative midcap company exits were at ₹48,700 crore — which is half of the total exits. The next biggest chunk of exits came from small cap companies — at around 30% of the total — accounting to ₹29,700 crore. Large caps on the other hand saw exits to the tune of ₹19,200 crore. It needs to be mentioned that midcaps indices ran up by 47% during the year, and small caps by 56%. Nifty on other hand went up by 20%, eclipsed by the performance of these indices. Top PE/VC exits in 2023 <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Company </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Deal amount </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Investors </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">PayTm </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹12,900 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Alibaba, Berkshire Hathaway, SoftBank Corp </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Coforge </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹10,900 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Baring Asia </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Mankind Pharma </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹8,800 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">ChrysCapital, Capital International </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Axis Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹5,900 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bain Capital </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Sona BLW </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹4,900 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Blackstone </td></tr></tbody></table>Source: Nuvama Institutional Equities Foreign players rake in the moolah A large chunk of the exits’ proceeds went into the kitty of foreign investors. As much as 83% of the deal amounts – that’s ₹81,200 crore were foreign investors like Softbank, Warburg Pincus, Baring Asia, Bain Capital and more. Softbank however saw the chunkiest of exits especially after the stocks of <keyword id="830092" type="General" weightage="20" keywordseo="zomato" source="Orion">Zomato</keyword>, <keyword id="11931339" type="General" weightage="20" keywordseo="delhivery" source="Orion">Delhivery</keyword>, PayTm, PB Fintech provided it with exit options. Warburg Pincus exited from companies like IDFC First Bank, Cams Services, Home First Finance, Kalyan Jewellers, Fusion Microfin and PVR Inox. Among India-dedicated funds, Fairfax Holdings, Blume Ventures, Lighthouse and Peak XV Partners exited their investments in small and midcap companies. The sector that saw the sharpest run-up during the year also provided its investors with the most exit moolah. Financials accounted for 45% of the total exits at ₹43,500 crore. Consumer discretionary came in second with ₹17,800 crore. IT also saw a good show of ₹12,400 crore thanks to the chunk deal of Baring Asia from Coforge. Healthcare and industrials came in next.

Bull run bonanza yields almost ₹1 lakh crore in exits for PE/VC investors

<ul><li>The September quarter of 2023 saw a total of 40 deals valued at $1.7 bn, which is a fall of 30% in value terms.</li><li>A total of 30 private equity deals were executed in the BFSI space, cumulatively valued at $566 million.</li><li>Investors show preference for credit-based financial companies with strong profitability metrics, but are still hesitant to make new investments until they gain more confidence. </li></ul> <keyword id="2023017" type="General" weightage="20" keywordseo="Unicorns" source="Orion">Unicorns</keyword> are likely to become scarcer as the funding winter is nowhere near over. The go-go days of private equity investments may be well behind us going by quarterly data on deals. With two of the biggest private equity players not committing any money to India’s startups this year, both volume and value of deals are on the downswing. The September quarter of 2023 saw a total of 40 deals valued at $1.7 bn, which is a fall of 30% in value terms. Private equity investors are looking at exits rather than investing in new businesses. However, investor interest is holding up in the banking and financial services sector. In the last quarter, a total of 30 private equity deals were executed in the sector, cumulatively valued at $566 million. Among these transactions, fintech claimed the spotlight with a 30% share in terms of deal volumes, even though sequentially value and volume showed a dip. However, banking and non-banks rule the charts with respect to values, contributing a 77% share in overall investments. According to the <keyword id="131240" type="General" weightage="80" keywordseo="grant-thornton" source="Orion">Grant Thornton</keyword> Bharat Financial Services Dealtracker Report, volumes have seen a 23% decline, from 52 deals last quarter. The slowdown is only seen in private markets as public markets continue to shine bright, with India outperforming other emerging markets in the region this year. According to the Dealtracker Report, investors are showing interest in credit-based financial companies with strong profitability indicators, but they are still hesitant to make new investments until they gain more confidence. Vivek Iyer, Partner, National Leader Financial Services Risk Advisory, Grant Thornton Bharat, said, “As we navigate a landscape marked by increasing interest rates and global inflation, the balancing act of central banks becomes crucial to maintaining economic stability. The recent pause in interest rate hikes in India’s monetary policy meetings reflects this cautious approach, especially in the face of global uncertainties and geopolitical factors. What stands out is the evolving investment trend, with private equity funds focusing on primary investments in fintech, banks, and NBFCs, particularly in areas where capital defines growth Strategy.” It is apparent that investors are now looking at profitability and sustainability of the business model. According to Grant Thornton, investors are no longer chasing growth and valuations. Instead they are looking for clear and achievable paths to profitability. Mergers and Acquisitions landscape: The <keyword id="101447" type="General" weightage="20" keywordseo="ma" source="Orion">M&amp;A</keyword> landscape witnessed 10 deals at $1.1 billion. While volumes fell by 9% from the previous quarter, values saw an upsurge of 2047%. Domestic mergers accounted for 60% of the volumes, while cross-border transactions, particularly in the inbound sector, contributed to 60% of the values in the M&amp;A activity. The top deal was Rapyd Financial Networks Ltd.’s inbound <keyword id="30334" type="General" weightage="20" keywordseo="acquisition" source="Orion">acquisition</keyword> of PayU Payments Pvt Ltd for $610 million. Private Equity (PE) landscape: According to Grant Thornton’s report, trends point to a build up of investor interest in fintech, banking, and non-banking financial company (NBFC) sectors. In the last quarter, a total of 30 deals were executed in the PE sector, cumulatively valued at $566 million. This marks a 27% and 76% decline in volumes and values respectively as compared to the previous quarter. Among these transactions, fintech claimed the spotlight with a 30% share in terms of deal volumes. However, banking and NBFC segments took center stage with respect to values, contributing a 77% share. Bain Capital’s investment of $176 million was the top deal in the PE landscape. While private equity funds have been actively involved in exit strategies across various segments, data suggests a renewed interest in fresh investments. Rather than pursuing new acquisitions, most PE funds have been channeling their capital into existing investments, bolstering their positions and financing expansion initiatives in the evolving financial landscape. Initial Public Offering Activity: Two IPOs were launched, collectively valuing a substantial $186 million, marking a change in comparison to the previous quarter when no IPOs were observed. Further, the quarter saw three QIPs amounting to an impressive $1.2 billion. Notably, the banking sector played a dominant role in the QIP market, contributing a significant 54% to the overall QIP values for the quarter. This uptick in IPO and QIP activity shows a growing investor appetite and interest in the sector’s offerings. Global investors are showing increased interest in financial services, particularly lending- focused businesses, due to elevated global interest rates. Key areas for credit growth in India include affordable housing, MSMEs, and education. The insurance sector is also poised for growth with regulatory changes and global standards gaining prominence, although substantial investments are yet to come. Fintech remains attractive to investors, but data privacy, influenced by the DPDP Act, 2023, will significantly impact the financial services sector, particularly fintech companies, prompting a re-evaluation of their operational strategies.

Deal Tracker: PE investments fall by 30% to $1.7 bn in September quarter, BFSI rules the roost

<ul><li><keyword id="10845529" type="General" weightage="20" keywordseo="Oaks-Asset-Management" source="Orion">Oaks Asset Management</keyword> raised 40% more than what it intended to, for its second fund.</li><li>This is a testament to the resilience of India’s consumer story, says its founder and CEO.</li><li>Its first fund invested in Hero Electric which is on track to raise a large round of capital this quarter.</li><li>All its businesses have weathered the pandemic in the last two years, the PE fund says.</li></ul>A Mumbai based mid-market private equity fund, Oaks Asset Management, had intended to raise ₹700 crore for its second fund. Instead, it ended up raising close to ₹1,000 crore and intends to close it next month. This response even in times of funding winter and <a href="https://www.businessinsider.in/stock-market/news/foreign-investors-have-pulled-out-more-money-this-year-than-they-brought-in-between-2009-2021/articleshow/91747269.cms">chunky outflow of foreign investors</a> away from India – is a testament to the resilience of India’s consumer story, according to the fund’s founder and CEO, Vishal Ootam. “We have always had deep conviction in the Indian consumer story and believe that as a market, India continues to offer multiple yet simple penetration and growth opportunities,” he says. Its first fund has made multiple investments including Hero Electric which is on track to raise a large round of capital this quarter. “This round is expected to close at a meaningful premium to the last round,” the PE fund says. They also invested in a millets-based snacks company called Troo Good, and CredAble, an award-winning AI-powered technology platform – whose value has already swelled 11 times its original investment valuation. The <keyword id="46556" type="General" weightage="20" keywordseo="PE-firm" source="Orion">PE firm</keyword> has also invested in an NBFC, an apparel company and a catering company. All these businesses, it says, have weathered the pandemic in the last two years. Moreso, two of their firms are on track to go for a public offer in the next 18-24 months. Their investment philosophy, the company says, is to stay away from businesses that are into serial fundraising and businesses with ‘Winner takes all’ attitude. “In sharp contrast to the otherwise sombre commentary that one might hear about the investment climate around, we have witnessed some of the most exciting times in our journey over the past 12-18 months. We have always invested in traditional consumer brand stories driven by seasoned entrepreneurs or business families that focus on profitable growth,” says Vivek Anand PS, founder and MD of OAKS Asset Management. SEE ALSO: <a href="https://www.businessinsider.in/careers/news/four-12-hour-days-or-five-10-hour-work-days-difficult-choices-ahead-of-a-4-day-work-week/articleshow/92409609.cms">Four 12-hour days or five 10-hour work days - difficult choices ahead of a 4-day work week</a> <a href="https://www.businessinsider.in/finance/news/rbi-kept-the-rupee-exceptionally-stable-so-far-and-the-tide-could-turn-for-the-better-say-experts/articleshow/92414356.cms">RBI kept the rupee ‘exceptionally’ stable so far, and the tide could turn for the better say experts</a>

We stay away from serial fundraisers says this PE firm that just closed its ₹1,000 crore fund

<ul class="summary-list"><li>Nvidia stock is still cheap based on a forward price-to-earnings multiple, according to a hedge fund manager. </li><li>Eric Jackson expects Nvidia stock to hit $250 per share by the end of the year, doubling from current levels.</li></ul><a target="_blank" href="https://markets.businessinsider.com/stocks/nvda-stock?miRedirects=1&amp;utm_medium=ingest&amp;utm_source=markets">Nvidia</a> stock is set to continue its wild rally through the end of the year, according to hedge fund manager Eric Jackson of EMJ Capital.Jackson expects Nvidia stock to hit $250 by the end of the year, representing potential upside of 101% from current levels.Such a rally, if it materializes, would value the AI-chip company at a stunning $6 trillion.And it's all because Nvidia stock is still cheap on a valuation basis, according to Jackson."Over the last five years, Nvidia's average look forward price-earnings multiple has been 40 times. Yesterday, after this two-day correction, it was 39 times forward price-earnings. But there have been three times in the last five years where it's had a look forward price-earnings multiple of over 50x, and two times in the last five years where it's gotten just about to 70x and then it pulled back. So we just haven't seen that euphoria yet," Jackson <a target="_blank" href="https://www.cnbc.com/video/2024/06/25/the-euphoria-for-nvidia-could-drive-the-market-cap-to-6-trillion-says-emj-capitals-eric-jackson.html">told CNBC</a> on Tuesday.Jackson is betting that as investors start to focus on Nvidia's earnings potential in 2025 and 2026, euphoria could drive Nvidia well above its average forward P/E multiple and closer to its peak."This is a high flyer, and expectations can reset on a bad earnings report, but they can also get equally overhyped on good news. And despite the fact the stock has had this enormous run, the euphoria hasn't yet caught up in terms of the go-forward multiple," Jackson said.Shares of Nvidia have already soared 151% year-to-date, and the chip maker was <a target="_blank" href="https://markets.businessinsider.com/news/stocks/nvidia-stock-price-market-cap-microsoft-most-valuable-company-ai-2024-6">briefly the most valuable company in the world at its peak last week,</a> with a market valuation of about $3.3 trillion."I think what's going to happen in the second half of this year, as people start to see how well the Blackwell chips are selling, how good the gross margins are on those, and start thinking about what's to come with the Rubin chips around the corner, I think we'll start to see that euphoria reflected in a lofty go-forward price-earnings multiple, and if that happens, this thing can go to $6 trillion market cap," Jackson said.Jackson also argued that Nvidia has a sizable lead over its competition and will take advantage of that for years to come. Additionally, Jackson said that comparisons of Nvidia today to Cisco during the dot-com bubble are unfounded."This is not Cisco in the dot-com era. Back then Cisco's go-forward p/e multiple got to a peak of something like 136x. Again, we're below the mean for the last five years. So even though the stock has done so well, it is still relatively cheap compared to where it was trading in the past," Jackson said.Jackson isn't the only one on Wall Street who is still bullish on the stock even when accounting for its massive run over the past year.<a target="_blank" href="https://markets.businessinsider.com/news/stocks/nvidia-stock-price-prediction-upside-200-per-share-target-ai-2024-6">Constellation Research</a> and <a target="_blank" href="https://markets.businessinsider.com/news/stocks/nvidia-stock-outlook-rosenblatt-price-target-increase-ai-software-profits-2024-6">Rosenblatt have a $200 price target</a> for Nvidia stock, while Bank of America recently <a target="_blank" href="https://markets.businessinsider.com/news/stocks/nvidia-stock-price-prediction-buy-nvda-decline-dot-com-differences-2024-6">reiterated its $150 target.</a>While Nvidia's long-term prospects remain bullish, according to Wall Street, that does not mean it is immune from sharp declines.Shares of <a target="_blank" href="https://markets.businessinsider.com/news/stocks/nvidia-stock-price-sell-off-erases-431-billion-market-value-2024-6">Nvidia wiped out more than $400 billion in market value earlier this week,</a> with the stock staging a three-day correction of 16%.

You Searched For "PE fund" and got 12 results

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Real estate sector sees private equity investments slip 20% in first half of 2023

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We stay away from serial fundraisers says this PE firm that just closed its ₹1,000 crore fund

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Matthew Fox

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