Singapore-based investment management firm Broad Peak Investment Advisors Pte Ltd and stressed assets advisory entity Brescon & Allied Partners LLP on Tuesday said they have entered into an arrangement under which the former plans to invest up to USD 300 million (over Rs 2,235 crore) in special situations in India.
The special situations range from turnaround, debt resolution to litigation financing, amongst others, the two companies said in a statement. “This strategic arrangement between the two firms aims at improving the scale of the business between them as well as enhancing the agility with which these situations are identified, resolved, structured and funded,” it added.
Commenting on the development, Broad Peak Managing Director Sandeep Gupta said, “Brescon has a strong reputation in the arena of stressed/distressed debt in India and we look forward to working with them and other stakeholders in those domains.” Brescon Founder & Managing Partner Nirmal Gangwal said the arrangement is a perfect combination of global capital backing local knowledge to achieve a win-win situation.
“The current arrangement with Broad Peak is a precursor to Brescon’s ambition of raising a dedicated special situation fund from LPs spanning both domestic and foreign investors,” he added.