Advent International.
Advent India spent FY25-FY26 selling, not buying — Bharat Serums to Mankind Pharma (Rs 13,768 Cr, Oct 2024), a two-tranche Aditya Birla Capital exit and a Cohance Lifesciences block — against a single global fund (GPE XI, targeting $26bn, nearing close mid-2026) whose final size the public record still cannot confirm.
GW GP Score
Advent's 19-year-old India desk (Mumbai office since 2009, led throughout by Shweta Jalan) has not signed a new control buyout since Suven Pharmaceuticals in December 2022, and its FY25-FY26 activity reads as harvest more than deployment: Bharat Serums and Vaccines closed a clean Rs 13,768 Cr exit to Mankind Pharma in October 2024, Aditya Birla Capital's remaining 2.04% stake was sold for Rs 1,640 Cr in October 2025 to complete a two-tranche full exit (Rs 2,776 Cr combined with the June 2025 leg), and an 8.92% Cohance Lifesciences block went for Rs 3,094 Cr in September 2025 under a 210-day lock-up on what's left. The three India commitments signed since — Aditya Birla Housing Finance (Rs 2,750 Cr for 14.3%, Feb 2026), Iscon Balaji Foods ($150M of a $215M Series A, May 2026) and the Apollo 24/7-Keimed merger clearance (NCLT, May 2026) — are minority or structured checks, funded off a global GPE flagship rather than a dedicated India vehicle. Svatantra Microfin's August 2026 Rs 3,000 Cr DRHP is the desk's clearest IPO-exit catalyst in years; until it prices, every India realisation this cycle has come from a strategic or block sale.
Fundraise first: do not underwrite the next vintage until the capital base is visible.
Portfolio quality depends on a narrow theme; the right comp is concentration risk, not headline unicorn count.
No named analyst override yet; current view is generated from the scored dossier and should be refreshed when the next primary source lands.
Whether the Manjushree Technopack-PAG sale (Rs 8,400 Cr, signed Nov 2024, CCI-cleared) has actually closed — public filings available at time of writing did not confirm a completion date.
GPE XI's final close size and date, targeted at $26bn as of 2025 and unconfirmed in public record.
Exit concentration: FY25-FY26 realisation sits in two assets entered 2019-2020 (Aditya Birla Capital, BSV); the pending Manjushree Technopack-PAG sale remains signed-but-unconfirmed-closed in public filings as of this research.
Computed from current dossier sources; analyst override pending.
The 68 rolls up 25%-weighted asset-quality (70) on real control or governance rights across most of the book, tempered by KreditBee's sub-$1bn mark and Eureka Forbes' share price sitting below its own Feb 2024 exit price; 30%-weighted exit-realisation (63) on Rs 16,544 Cr of fully closed FY25-FY26 cash exits with zero closed IPO exits and one signed-but-unconfirmed sale; 15%-weighted value-creation (72) on BSV's documented operating rebuild and two thesis-driven platform mergers, with the newer minority cheques not yet tested; 15%-weighted capital-discipline (60) on an unconfirmed GPE XI final close against a public $26bn target and mostly undisclosed entry multiples; and 15%-weighted franchise-stability (78) on 17 years of unbroken India leadership under Jalan.
Graded underPrivate equity rubric v1.0→Control or board-level rights across most of the active book (Cohance, Eureka Forbes, DFM Foods and Modenik outright majority/control; YES Bank, ABHFL, Svatantra and Apollo 24/7 anchor-minority with board seats), offset by KreditBee sitting below a $1bn mark and Eureka Forbes trading under its own Feb 2024 sale price.
Rs 16,544 Cr of fully closed FY25-FY26 exits (BSV Rs 13,768 Cr + Aditya Birla Capital Rs 2,776 Cr) is real cash back, but every closed realisation was a strategic or block sale — no IPO or sponsor-to-sponsor exit has closed yet, and the Rs 8,400 Cr Manjushree-PAG sale remains unconfirmed as closed.
Evidence of operating work beyond multiple capture: Advent's own case study credits BSV's five-year build to a rebuilt management team, higher R&D spend and a new international go-to-market; the Cohance-Suven and Dixcy-Enamor mergers are thesis-driven platform consolidations, not passive holds. The 2024-26 minority cheques (Apollo 24/7, Svatantra, ABHFL) carry no comparable operating mandate yet.
Deployment cadence held through FY26 (Aditya Birla Housing Finance and Iscon Balaji signed within four months of each other), but GPE XI's final close size is unconfirmed against its 2025 $26bn target, and most India entry multiples remain undisclosed.
Shweta Jalan has led the India desk since 2009 (17 years) with no reported senior departures; Directors Sharad Saxena and Nihal Sarawgi round out a Mumbai team whose tenure predates most of the 2022-2026 vintage deals in the current book.
Asset quality & control 25% · Exit realisation 30% · Value creation 15% · Capital discipline 15% · Franchise stability 15% — the five contributions above sum to 68. Raw scores compare within private equity; across cohorts compare the tier. See the full GP Score methodology · compare this firm →
Pressure catalysts, fund status or evidence gaps outweigh current positives; score support depends on the next verification cycle.
Svatantra Microfin liquidity clears with credible OFS/block-sale evidence.
GPE XI's final close size and date, targeted at $26bn as of 2025 and unconfirmed in public record.
Whether the Manjushree Technopack-PAG sale (Rs 8,400 Cr, signed Nov 2024, CCI-cleared) has actually closed — public filings available at time of writing did not confirm a completion date.
The 68 rolls up 25%-weighted asset-quality (70) on real control or governance rights across most of the book, tempered by KreditBee's sub-$1bn mark and Eureka Forbes' share price sitting below its own Feb 2024 exit price; 30%-weighted exit-realisation (63) on Rs 16,544 Cr of fully closed FY25-FY26 cash exits with zero closed IPO exits and one signed-but-unconfirmed sale; 15%-weighted value-creation (72) on BSV's documented operating rebuild and two thesis-driven platform mergers, with the newer minority cheques not yet tested; 15%-weighted capital-discipline (60) on an unconfirmed GPE XI final close against a public $26bn target and mostly undisclosed entry multiples; and 15%-weighted franchise-stability (78) on 17 years of unbroken India leadership under Jalan.
Exit concentration: FY25-FY26 realisation sits in two assets entered 2019-2020 (Aditya Birla Capital, BSV); the pending Manjushree Technopack-PAG sale remains signed-but-unconfirmed-closed in public filings as of this research.
Whether the Manjushree Technopack-PAG sale (Rs 8,400 Cr, signed Nov 2024, CCI-cleared) has actually closed — public filings available at time of writing did not confirm a completion date.
Coverage initiated: inaugural GW GP Score.
Catalyst exposure · latest source pressure
Recent public evidence mapped to this GP. Read this before reading the position table: it is where the score can move next.
Keep the file warm; current events cut both ways or are not yet material enough to move score.
Attribution0 positive catalyst(s), 0 pressure catalyst(s); top driver: monthly refresh only.
The funds
$94bn firm-wide AUM (Mar 2026, primary); GW estimates $3.5bn+ deployed across Advent's 10 active India positions, summed from disclosed entry checks (BSV and Manjushree entry prices undisclosed, so this is a floor) across 3 tracked vehicles.
| Vehicle | Vintage | Size | Stage | Note |
|---|---|---|---|---|
| GPE IX | 2019Expansion | $17.5bn | Global buyout | First flagship to meaningfully scale India deployment per Advent's own investor commentary; not an India-dedicated vehicle. |
| GPE X | 2022Correction onset | $25bn | Global buyout | Funded Suven Pharmaceuticals/Cohance, the YES Bank anchor stake and the Eureka Forbes minority sell-down era. |
| GPE XI | 2025Recovery / IPO window | $26bn (target) | Global buyout | In market as of mid-2025 per Private Equity International; GW could not independently confirm a final close amount or date as of this research (E). |
Closest booksArkam Ventures (1 shared) · Trifecta Capital (1 shared)computed · E
Fund analytics · LP underwriting screen
Computed from the public dossier: vehicle cadence, realised exits, mark drift, concentration and franchise stability. All computed signals are GW estimates.
No fresh flagship close found after the 2021-22 cycle-top window.
Next liquiditySvatantra Microfin · Apollo 24/7 (Apollo HealthCo)
4 visible exit events since Jul 2024.
No fresh flagship close found after the 2021-22 cycle-top window.
3 up / 1 flat / 2 down tracked signals.
No senior departure flagged in key people.
3 up / 1 flat / 2 down
4 events since Jul 2024
Largest tracked active exposure
Higher spread = less balanced franchise
Marked overhangCohance Lifesciences (formerly Suven Pharmaceuticals) · Eureka Forbes: names with negative 12-month mark or momentum signals in the reconstructed book.
Rational growth vintages
Repricing began mid-deployment
Exit-led repricing; entry discipline decisive
Affiliate Violicina Limited holds 28.02% (vs. Multiples' 11.45%) of a Rs 1,930 Cr ($230M) combined round; the company filed a DRHP with SEBI on 13 Aug 2026 for a Rs 3,000 Cr IPO including a Rs 1,500 Cr OFS split with Multiples.
12.1% of the merged Apollo 24/7-Keimed entity (EV Rs 22,481 Cr) via two tranches of compulsorily convertible debentures; NCLT gave final approval to the scheme on 5 May 2026, clearing the way for a standalone pharmacy/digital-health listing targeted for Q4 FY27.
No 2025-26 cited source found in labels; refresh priority.
5 visible events tracked.
10 representative positions tracked.
No departure signal structured.
Fund-level DPI/TVPI is usually not public; proxy remains estimated.
Peer median 3 · +1
Peer median 2 · +0
Peer median 89 · -18
Peer median 38 · -21
Peer median 0 · +0
Diligence agenda · how this view can change
The live research question, the proof required, and the source standard. This prevents a GP score from becoming a stale label.
No 2025-26 cited source is structured, so the score may be lagging the current fund, team or mark state.
Stale · No 2025-26 cited source found in labels; refresh priority.
Find a primary firm update, filing, LP disclosure or credible 2026 report that confirms fund status, exits and senior team.
Primary source first; dated secondary source acceptable only if it names the event and counterparties.
GPE XI's final close size and date, targeted at $26bn as of 2025 and unconfirmed in public record.
Svatantra Microfin: next public-market or secondary print
Evidence quality · source file health
How hard the public record is beneath this view: source mix, freshness, low-confidence fields and the next source action.
No 2025-26 source label structured.
29 total sources · 34% primary
No 2025-26 cited source found in labels; refresh priority.
Advent International — Shweta Jalan team profile
Refresh with a dated 2025-26 source before relying on current score direction.
Source tiering follows Gravitywell policy: primary = filing/regulator/company disclosure, secondary = reputable media or research, E = Gravitywell estimate. Evidence score is a GW control metric, not an external rating.
The position book
Ten active India positions span financial services, healthcare/CDMO and consumer manufacturing; FY25-FY26 realised Rs 16,544 Cr of fully closed exit proceeds (Bharat Serums and Vaccines plus Aditya Birla Capital) against zero closed IPO exits, with a further Rs 8,400 Cr Manjushree Technopack sale to PAG signed but not independently confirmed as closed.
| Company | Sector | Entered | Entry stage | Status | 12-mo signal | Latest read |
|---|---|---|---|---|---|---|
| Cohance Lifesciences (formerly Suven Pharmaceuticals) | Healthcare | 2022 | Control buyout (50.1% of Suven, Rs 6,313 Cr) | Public | ▼ | Jusmiral Holdings (Advent) holds 24.16% as of Sep 2025, down from 33.08%, after selling an 8.92% block for Rs 3,094 Cr (~Rs 906/share, 210-day lock-up on the rest); combined with Berhyanda's 33.34%, the promoter group's ~57.5% is 54.36%-pledged against a $285M multi-bank term loan. The Cohance-into-Suven merger completed 1 May 2025, with the combined entity renamed Cohance Lifesciences Ltd. and guided to $1bn revenue within five years. |
| YES Bank | Fintech | 2022 | Anchor minority (9.99% at entry, Rs 8,896 Cr w/ Carlyle) | Public | → | Verventa Holdings (Advent) holds ~8.5-9.2% as of 2025-26; sector forced to Fintech under GW taxonomy — YES Bank is a listed bank, not a fintech platform. Co-investor Carlyle sold part of its stake to SMBC (Sep 2025, now the bank's largest shareholder at ~24.2%); Advent has not followed. |
| Eureka Forbes | Consumer & Commerce | 2021 | Control buyout (72.56%, $435M, EV Rs 4,400 Cr) | Public | ▼ | Holds ~62.56% after selling a 10% stake for Rs 979 Cr in Feb 2024 at Rs 506.06/share; the stock has traded near Rs 600 since, below management's own '3x value creation' framing of the position. |
| DFM Foods | Consumer & Commerce | 2019 | Control buyout ($118.8M initial) | Private | · | Holds 96.63%; delisted from BSE/NSE in Jan 2023 following an open offer. |
| Svatantra Microfin | Fintech | 2024 | Growth minority | Private | ▲ | Affiliate Violicina Limited holds 28.02% (vs. Multiples' 11.45%) of a Rs 1,930 Cr ($230M) combined round; the company filed a DRHP with SEBI on 13 Aug 2026 for a Rs 3,000 Cr IPO including a Rs 1,500 Cr OFS split with Multiples. |
| KreditBee | Fintech | 2023 | Growth (extended Series D) | Private | · | $100M of a $200M extended Series D alongside MUFG Bank, valuing the Bengaluru lender at ~$680M; exact stake undisclosed. |
| Apollo 24/7 (Apollo HealthCo) | Healthcare | 2024 | Structured growth (CCDs) | Private | ▲ | 12.1% of the merged Apollo 24/7-Keimed entity (EV Rs 22,481 Cr) via two tranches of compulsorily convertible debentures; NCLT gave final approval to the scheme on 5 May 2026, clearing the way for a standalone pharmacy/digital-health listing targeted for Q4 FY27. |
| Aditya Birla Housing Finance | Fintech | 2026 | Growth capital | Private | ▲ | 14.3% stake for Rs 2,750 Cr ($304M) via Indriya Limited, CCI-approved; values ABHFL at roughly Rs 19,200 Cr. |
| Iscon Balaji Foods | Consumer & Commerce | 2026 | Growth (Series A) | Private | · | $150M of a $215M Series A alongside 360 ONE for a 'significant minority' stake in the Gujarat-based frozen-potato exporter; stake percentage undisclosed. |
| Modenik Lifestyle (Dixcy + Enamor) | Consumer & Commerce | 2017 | Control buyout | Private | · | Merged portfolio companies Dixcy Textiles and Gokaldas Intimatewear (Enamor) 3 Dec 2021; Modenik crossed Rs 1,000 Cr revenue in FY25 per company filings. |
Representative tracked positions reconstructed from public disclosures: not the full book. 12-mo signal is a GW estimate of mark direction from round/exit prints (E). Ownership stakes are not shown: not reliably public.
Sector exposure · where the book leans
Share of the tracked active book by normalized sector (GW estimate): read against our sector dossiers for crowding.
New cheques · 2025-26
Every India commitment Advent has signed since the December 2022 Suven Pharmaceuticals buyout has been a minority or structured check funded off the global GPE flagship — Aditya Birla Housing Finance, Iscon Balaji Foods and the Apollo 24/7-Keimed CCDs among them — with no fresh control buyout in nearly four years. That reads as a franchise redeploying exit proceeds into anchor-minority positions in businesses it or its network already knows (a second Aditya Birla balance sheet, a second healthcare-retail platform) rather than sourcing new buyout theses.
CCI-approved; values ABHFL at ~Rs 19,200 Cr.
Co-invested with 360 ONE.
Clears the path to a Q4 FY27 standalone listing of the demerged pharmacy/digital-health entity.
Rs 1,500 Cr OFS split with Multiples partially monetises Advent's 28.02% stake at listing.
Realisation · are LPs getting paid?
Rs 16,544 Cr of India exit proceeds closed in FY25-FY26 across just two positions (Bharat Serums and Vaccines, a 2020 entry; Aditya Birla Capital, a 2019 entry), both realised via strategic sale or open-market block deal rather than IPO or sponsor-to-sponsor transfer. The signed Rs 8,400 Cr Manjushree Technopack sale to PAG would nearly double that if it closes as announced, but public records available at time of writing stop at CCI clearance rather than a confirmed completion date — a gap GW flags rather than assumes closed.
Sold 100% to Mankind Pharma for Rs 13,768 Cr, completed 23 Oct 2024 on a deal signed Jul 2024; Advent had held BSV since Feb 2020, entering at a 74% stake before buying the remaining 26% from the Daftary family in FY24.
Fully exited a 2019-vintage stake via two open-market block deals — Rs 1,136 Cr in Jun 2025 and Rs 1,640 Cr in Oct 2025 — for Rs 2,776 Cr combined, sold by affiliate Jomei Investments; ~1.6x the Rs 1,000 Cr 2019 preferential entry.
Jusmiral Holdings sold an 8.92% block for Rs 3,094 Cr at ~Rs 906/share, cutting Advent's stake to 24.16% from 33.08% under a 210-day lock-up on the remainder; reason for the sale was not disclosed in company filings.
Sold its stake as Blackstone acquired ~71% of ASK Group at a ~$1bn valuation; Advent had entered in Dec 2016 for $125M (a 41% stake).
Agreed to sell a 97% stake to Hong Kong's PAG for Rs 8,400 Cr (~$1bn); CCI cleared the transaction, but GW could not independently verify a final closing date in public filings as of this research (E).
NCLT-sanctioned scheme closed within the 12-15 month guidance Advent gave when the merger was announced in Jul 2024, building a combined CDMO platform management guides to $1bn revenue within five years.
The market has not re-rated the retained 62.56% stake above Advent's own partial-exit price, a mark-to-market headwind on a position Advent has publicly defended as '3x value creation.'
Clean full exit of a 2019 entry (Rs 1,000 Cr preferential) at an average ~Rs 308-320/share across the two legs — ~1.6x over six years, the one computable multiple on the public record.
SMBC's purchase from Carlyle's CA Basque vehicle took it to ~24.2% and the bank's largest shareholder; Advent has not sold down in step — a signal that could read as conviction or as a stranded minority position depending on whether SMBC extends a further offer.
The measurable performance evidence this cycle sits almost entirely in exits, not marks: two clean cash realisations (BSV, Aditya Birla Capital — the latter a real but modest ~1.6x) against one retained position trading below its own partial-exit price (Eureka Forbes) and one where a majority of the remaining promoter stake sits pledged against a $285M term loan (Cohance). None of Advent's disclosed India performance events in FY25-FY26 is a like-for-like IRR or MOIC figure — the firm does not publish India-specific fund metrics — so this read is built from transaction prices and share-price comparators rather than reported returns.
What they're doing
Control buyouts in mid-market financial services and healthcare/CDMO, historically sized $150M-$800M in equity, carrying board and governance rights (Cohance, Eureka Forbes, DFM Foods).
Anchor-minority stakes in listed financials functioning as bank-recap or growth capital (YES Bank, Aditya Birla Capital before exit, Aditya Birla Housing Finance) rather than sole control.
Late-stage growth checks into profitable fintech and consumer-manufacturing platforms nearing an IPO or strategic-sale window (Svatantra Microfin, KreditBee, Iscon Balaji Foods).
Buy-and-consolidate platform building through portfolio-company mergers (Cohance-Suven CDMO combination; Dixcy-Enamor into Modenik Lifestyle).
What can break
Exit concentration: FY25-FY26 realisation sits in two assets entered 2019-2020 (Aditya Birla Capital, BSV); the pending Manjushree Technopack-PAG sale remains signed-but-unconfirmed-closed in public filings as of this research.
Cohance Lifesciences' promoter stake (Jusmiral + Berhyanda, ~57.5% combined after the Sep 2025 sale) is 54.36%-pledged against a $285M multi-bank term loan — leverage sitting on top of the equity in Advent's single largest current India holding.
Eureka Forbes trades below its own Feb 2024 partial-exit price, a mark-to-market drag on the retained 62.56% stake.
No dedicated India fund: every India check is drawn from the global GPE flagship (GPE X/XI), so India allocation competes against every other Advent geography and is not contractually ring-fenced; GPE XI's final close size versus its 2025 $26bn target is unconfirmed in public record.
Whether the Manjushree Technopack-PAG sale (Rs 8,400 Cr, signed Nov 2024, CCI-cleared) has actually closed — public filings available at time of writing did not confirm a completion date.
GPE XI's final close size and date, targeted at $26bn as of 2025 and unconfirmed in public record.
Svatantra Microfin's IPO timeline following its Aug 2026 DRHP, which would be Advent India's first IPO-route exit.
The Apollo 24/7-Keimed demerger listing, targeted for Q4 FY27, as the desk's next scheduled monetisation event.
Cohance Lifesciences' $285M pledged-share term loan: any further stake sale or covenant trigger against the 54.36%-pledged block.
Point-in-time discipline: these are the open items we could not verify at the current vintage. They get resolved: confirmed, corrected or dropped, at the next monthly refresh, never silently.
The takes · one screen, three readers
Two full exits and a signed-pending third within fourteen months is the busiest realisation stretch this franchise has posted since entering India in 2007, but none of it is an IPO — the desk's clearest listing catalyst, Svatantra Microfin's Rs 3,000 Cr DRHP, only reached SEBI in August 2026.
54.36% of the combined Cohance promoter stake sits pledged against a $285M multi-bank term loan, on top of an 8.9% block already sold down in Sep 2025. Neither filing discloses what the pledge or the sale proceeds fund, but the pattern — sell down and pledge in the same year, on the largest current holding — is what a desk watches before it watches a covenant breach.
Sourcing. Every figure is sourced and dated. We tier provenance: Primary (official, regulatory, exchange or company filings), Secondary (tier-1 industry research and reputable media), and GW estimate (our own reconstruction or opinion, labelled, never presented as external fact). We prefer primary where it exists, reconcile divergent prints to cited ranges, and hold every number point-in-time: dated, and never silently restated; revisions publish as dated changes.
Fact vs opinion. Facts vs opinion: market sizes, official prints, prices, named deals and agency ratings are sourced facts (Primary/Secondary). Scores, grades, purity weights, scenario paths and indicative sparkline points are Gravitywell's analytical opinion (GW estimate): labelled, not presented as external data.
GW GP Scores are research opinions, not investment advice, not a solicitation, and not an assessment under any SEBI regulation. Dossiers are compiled from public sources believed reliable; firms named did not participate and figures marked E are Gravitywell estimates. Point-in-time: dated to the vintage shown and never silently restated.