US-based private equity fund manager Apollo Global Management is in final talks with global banking major JP Morgan to acquire the latter’s property fund in the country, a source in the know of the matter said. The fund has assets of around $360 million (Rs 24.12 biliion), which is also likely to be the size of the deal, according to sources.
If the deal goes through, it will be the largest buyout deal in real estate private equity this year.
Last year, UK-based private equity firm Actis signed a deal to buy out the Asia real estate portfolio of Standard Chartered Private