KKR-backed Avendus Capital joins race to acquire IDFC Mutual Fund

BlackRock is also reportedly among the two front-runners in the race to buy IDFC MF

Global private equity KKR-backed Avendus Capital has thrown its hat in the ring to buy IDFC Mutual Fund, said two people in the know.

Avendus, which has diversified offerings across wealth management, alternative asset management and structured credit, was acquired by KKR in 2015. In 2017, it got fresh capital from KKR, as well as new investors Gaja Capital, a provider of growth capital to entrepreneurs, and Yogesh Mahansaria, an entrepreneur who founded and sold Alliance Tire Group.

Interestingly, KKR is understood to have taken a stake in HDFC MF ahead of its much-awaited Initial Public Offer (IPO) of equity.