Henderson invests in India, closes PFI Fund

Henderson Private Capital has completed its third Asian investment in a month and announced a first close of its PFI Secondary Fund on £136m.

Henderson Private Capital has invested $20.7 million (€16 million) in Jubilant Organosys, an Indian chemical contract and manufacturing business.

The investment was made from Henderson’s $210 million Asian fund, Henderson Asia Pacific Equity Partners I LP, which is two-thirds invested at this stage.

The transaction is Henderson Asia’s third investment in less than a month following the acquisition of a 12 percent stake TV/broadband service provider MagiNet and the $12 million investment in Chinese home appliance manufacturer Airmate.

Jubilant Organosys has over 2,100 employees based at four manufacturing plants. The company had revenues of approximately $200 million to year ending December 2004.

Commenting on the transaction Sanjiv Kapur, head of Henderson private equity Asia, said in a statement: “Jubilant Organosys fitted our investment criteria perfectly, with its dominant position in a fast-growing market and sustainable competitive advantage. There are a wealth of available opportunities at the moment and we are looking forward to maximising those in 2005.”

In the meantime, Henderson’s European Infrastructure team has held a first close of the Henderson Private Finance Initiative (PFI) Secondary Fund on £136 million (€195 million; $253 million). Headed up by partner Paul Woodbury, the fund will aim to invest in the secondary market for operational PFI projects.

The fund has a final target of £200 million and will target a cash yield of 10 to 12 percent per annum and a gross IRR of 15 to 18 percent, according to the firm.