Religare acquires majority stake in US-based assets manager for $171.5 mn

Financial services firm Religare Enterprises Ltd, yesterday said that has acquired a 55-per cent stake in th eUS-based assets manager Landmark Partners for $171.5 million (Rs770 crore), its second such investment of a US financial services provider in the past five months.

The investment was made through Religare's wholly-owned subsidiary in the US Religare Global Asset Management, Inc Inc.

In July 2010, Religare, founded by Indian billionaire brothers Shivinder and Malvinder Singh, had acquired a part of Citigroup Inc's home loan portfolio in India for Rs500 crore ($107 million). (See: Religare in Rs500-crore deal to buy Citigroup mortgages)

Established in 1989, Connecticut-based Landmark, manages 27 private equity and real estate secondary funds-of-funds with more than $8.3 billion of committed capital.

In 1996, Landmark made its entry into the real estate secondary market.  Over the last decade, Landmark has also established investment programs with specialised fund-of-funds, co-investment, and direct investment strategies.

Landmark has a total of 52 investment professionals and support personnel led by 14 management partners and principals.