• Affirma Capital divested over half of its 21.23% stake in Prime Focus for approximately Rs 437-458 crore through secondary market sales, exceeding its initial investment of Rs 189 crore in 2012 and an additional Rs 152 crore in 2015.
• Despite a multiple on invested capital of over 3x, the long holding period of over a decade resulted in a lower-than-benchmark annualised return for Affirma, with an IRR of around 8-9% in rupee terms and 4-5% in dollar terms.
• Affirma has recently made other exits, including a partial stake sale in Epack Durable with an IRR of 38-40%, a partial exit from TBO Tek Ltd, and an exit from Tirupati Medicare Ltd, generating a 3x return in rupee terms.
• Affirma Capital, managing $3.2 billion in assets, also has Belstar Microfinance lined up for an IPO, which includes a fresh issue of shares to raise Rs 1,000 crore and an offer for sale of Rs 300 crore by Affirma and Maj Invest.

TEAM VCC

Emerging markets-focused private equity firm Affirma Capital, which is currently raising its maiden India-focused fund and recently scored high returns from a clutch of portfolio companies, has pressed the sell button on a legacy bet.

​The Singapore-headquartered firm, created in December 2018 when Standard Chartered Bank spun out its PE business, ......

Affirma nets modest returns from legacy bet after scoring blockbusters

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Affirma Capital, after recent high-return wins, exits a legacy investment with moderate returns as it raises its maiden India-focused fund.

Affirma Nets Modest Returns from Legacy Bet

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Prime Focus Ltd

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