KKR invests in financial adviser Avendus Capital

Global private-equity firm KKR & Co invested an undisclosed sum in Indian wealth manager and financial adviser Avendus Capital, the companies said on Tuesday.

A source familiar with the matter said KKR had acquired a majority stake for slightly over $100 million. KKR has been an active investor in India this year with its investment in companies such as JBF Industries Ltd .

KKR, which is investing through its Asian Fund II, bought Avendus shares from private-equity firm Eastgate Capital and investment firm Americorp Ventures. Further details of the deal were not disclosed.

Avendus' existing management will remain at the helm, the companies said in a statememnt.