BlackSoil and the former India-based management team of US real estate investment adviser Walton Street Capital have joined forces to acquire Walton Street India’s real estate debt business.
The India management team led by Kaushik Desai, Vinit Prabhugaonkar and Vimal Jangla had advised affiliates of Walton Street Capital on India-based equity and debt transactions totaling approximately USD 300 mn for more than 12 years prior to the buyout. Walton Street Capital has real estate and real estate-related assets under management of approximately USD 12 bn and began operations in India in 2007. Its equity investments in India were not part of the transaction.
Eric C. Mogentale and Jeffrey S. Quicksilver, Managing Principals and Co-Founders of Walton Street Capital, in a joint statement said their India team was the obvious choice to continue to carry on their Indian real estate debt business. “We worked side by side with them for many years to develop the business, and we are happy to see them acquire it with the support of BlackSoil, Kaushik, Vinit and Vimal are talented real estate professionals and we are pleased to see them take up this opportunity with BlackSoil, with whom we have enjoyed a productive and collaborative relationship for the past six years.”
Mohinder Pal Bansal, Co-Founder, BlackSoil, said their relationship/association with Walton Street Capital and its affiliates over the last six years has been extremely fruitful. “We have enjoyed working with their India management team and have appreciated their professionalism and rigor in advising us on the debt platform. We are excited to embark on this new chapter with them.”
The India management team highlighted that the journey with Walton Street Capital over the last decade has been a truly enriching experience. “We greatly appreciate the guidance we received from them. We look forward to growing our business and strengthening our partnership with BlackSoil in the years ahead.”
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BlackSoil and India-based affiliates of Walton Street Capital began co-investing in Indian real estate debt opportunities in 2015 and Walton Street India later became the investment advisor to BlackSoil in connection with the approximately INR 320 crores Walton Street BlackSoil Real Estate Debt Fund. The Fund was fully deployed across ten investments in the key metros of Bengaluru, Hyderabad and Mumbai.
BlackSoil is an alternative credit platform focused on real estate, venture and structured debt. Since its inception in 2014, it has cumulatively completed over 130 deals, disbursed over INR 2,300 crores and has AUM of over INR 900 crores across its NBFC and multiple alternative investment funds under the group umbrella.