US-based private equity firm Advent International has acquired a significant minority stake in Indian investment and wealth management firm ASK Group for an undisclosed sum.

ASK oversees over $4.4bn in assets across seven offices in India, as well as offices in Dubai and Singapore.

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Founders of ASK will continue to own a controlling stake in the business, while its management will continue to lead the business.

ASK Group managing director and CEO Sunil Rohokale said: “This partnership will enable ASK Group to scale up its existing business and explore new business opportunities domestically and internationally.

“With the help of the Advent team, ASK plans to build an international franchise for Indian investment opportunities focusing on institutional investors and family offices.”

The latest deal is Advent’s first investment in India from its new $13bn global private equity fund GPE VIII, and its third investment in the country in the last two years.

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The private equity firm has been investing in India since 2007 and set up its Mumbai office in 2009. The firm also invested in other companies in the country, including Crompton Greaves Consumer Electricals, QuEST, Care Hospitals, and Computer Age Management Services.

Advent International managing director and head of India Shweta Jalan said: “ASK has well-respected investment managers, and we believe it is strongly positioned to enhance the value it offers to customers by expanding its reach, products and services. We look forward to working with ASK’s management team to pursue these growth opportunities.”