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UPDATE 1-Rohatyn Group sells stake in India's Sharekhan to BNP Paribas

Published 2015-08-14, 05:30 p/m
© Reuters. UPDATE 1-Rohatyn Group sells stake in India's Sharekhan to BNP Paribas
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BNPP
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(Adds details of fund performance and number of portfolio
sales)
By Svea Herbst-Bayliss
BOSTON, Aug 14 (Reuters) - The Rohatyn Group has sold its
stake in Sharekhan, India's leading online retail brokerage, to
French bank BNP Paribas BNPP.PA, according to a source
familiar with the deal, marking the latest in a series of sales
of investments from a portfolio the private equity firm bought
two years ago.
No terms could be obtained for the deal but Rohatyn, which
invests about $5 billion exclusively in emerging market assets,
has realized roughly $2 billion on sales of investments from its
portfolio over the last 12 months, the source said.
BNP Paribas was not immediately available to comment. A
spokesman for Rohatyn declined comment.
The Rohatyn Group, run by Nick Rohatyn, the son of legendary
financier Felix Rohatyn, bought Citigroup (NYSE:C)'s C.N emerging
markets fund in December 2013 when the bank was forced to shed
assets to comply with new financial rules.
Analysts at the time considered the Citi portfolio largely
illiquid, but Rohatyn has made seven exits - or sales - since
then.
Most recently, the firm sold Egypt's Amoun Pharmaceutical Co
to dealmaking powerhouse Valeant Pharmaceuticals (NYSE:VRX) VRX.TO and
before that it sold a stake in Bulgarian drug company Huvepharma
to Advance Properties.
The fund's outstanding investments have increased 15 percent
from the time the portfolio was acquired to the spring of 2015.
That compares with a loss of 2.8 percent for the MSCI EM Index.
The exits have had an internal rate of return of 17 percent
over the fund's eight-year life, according to the person
familiar with the deal.

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