TIW Private Equity has acquired a majority stake in the Bengaluru-based Credence Family Office for an undisclosed amount, the small and medium enterprises-focussed buyout firm said on Wednesday.
Credence, which was set up in 2010, will use the investment to expand its geographical footprint, TIW said in a statement. The deal is subject to regulatory approvals.
Credence co-founder and managing partner Mitesh Shah said the the transaction also includes the infusion of primary capital into the firm. Apart from expanding its geographical presence, Credence will use the fresh capital to build the operational and technological platform, and look at selective strategic investments.
Shah also said that TIW would help Credence in implementing its proprietary performance management framework. This would help Credence's clients retain talent, establish alliances through TIW's global network and set up strong operating and governance structures.
Credence offers a range of solutions for wealth management, tax solutions, estate planning, philanthropy, legal and real estate services among others. It also operates a mentorship academy for its clients.
TIW is a sector-agnostic firm and prefers investing in first-generation entrepreneurs. Its typical investment ticket size lies between $4 million and $8 million for a portfolio firm. So far, it has made four investments, which include a fast-moving consumer good firm and a testing lab.
In February, VCCircle reported that the firm was close to marking the final close of its debut fund, and that it would raise another fund worth $100 million (around Rs 714 crore at the time)
*This article has been updated to add comments from Credence Family Office.