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AZB makes PE league table hat-trick in big PE year as competition stiffens

AZB & Partners’ private equity (PE) practice again won it the top place in the half-yearly league table of data provider Venture Intelligence, making the firm the half-yearly league leader in this space for the third consecutive year.

AZB’s 23 PE transactions were almost double the number of transactions at more than twice the aggregate deal value of its closest rival Shardul Amarchand Mangaldas (SAM) and, like last year, broke the $2bn mark.

The league table this quarter contained twice as many law firms as in quarter 1.

AZB trends

AZB advised on PE deals worth $2,446m (across 23 qualifying deals), followed by SAM ($1,219m across 12 deals), Khaitan & Co ($827m across 10 deals) and J Sagar Associates (JSA) ($823m across 9 deals) were the frontrunners of 2015’s half-yearly table, reported Venture Intelligence.

AZB had managed to do one-third of its 23 qualifying deals by the first quarter (Q1) of 2015, with its $150m TPG Capital infusion into Manipal Health Enterprises as the biggest of eight PE transactions aggregating $389.4m, which put the firm at the top of the Q1 table.

The league-leader went on to act on the $383m Apax Partners PE in Shriram City Union Finance, in April, and this became its biggest deal this half year, according to the release.

SAM, Khaitan & JSA

SAM advised on the $50m OCP Asia infusion into DQ International and the $70m investment by IDFC Alternatives into OTPC India.

Khaitan acted on the $150m investment by Temasek and Advent International into Crompton Greaves Consumer Electricals and the $22m investment by TPG Growth, TR Capital and IDG Ventures India into Lenskart.com.

JSA acted on the $114m investment by Temasek into Medanta Medicity and the $10m investment by SAIF, Fidelity Growth Partners, Helion Ventures into Toppr.

Market trends

It was a better year for the PE space, as reflected in the table since last year. The top ten firms did 125 transactions aggregating a deal value of $7.3bn, whereas last year they did 109 deals aggregating $4.5bn, indicating bigger sized deals.

The erstwhile Amarchand Mangaldas, which split this year into SAM and Cyril Amarchand Mangaldas on 6 May, came in at the fifth rung of the table with six more deals than in the first quarter of this year.

Cyril Amarchand Mangaldas does not appear to have submitted deals to the rankings.

Indus Law which had jumped to third place last year slipped back into sixth even though its deal count and value was significantly higher than last year (27, $402m in 2015; 15, $300m in 2014). Last year’s second-ranker ALMT was in 26th place this year.

New entrants to the league this year were Veritas Legal, Verist Law, Altum Law and LegaLogic Consulting.

Rank Company Name #of Deals Amount $M
1 AZB & Partners 23 2445.65
2 Shardul Amarchand Mangaldas 12 1218.50
3 Khaitan & Co. 10 827.25
4 J Sagar Associates 9 822.55
5 Amarchand & Mangaldas 8 641.30
6 Indus Law 27 402.85
7 S&R Associates 6 265.34
8 BMR Legal 14 264.63
9 Tatva Legal 10 235.72
10 Economic Laws Practice 6 219.25
11 Samvad Partners 11 179.80
12 Desai & Diwanji 1 178.00
13 Gunderson Dettmer 1 150.00
13 Morgan Lewis 1 150.00
14 ARA Law 8 83.15
15 Wadia Ghandy & Co. 1 80.00
16 Link Legal 1 70.00
17 Veritas Legal 5 62.25
18 Themis Law Associates 2 50.00
19 Linklaters 1 46.40
20 Madun Guajdhur 1 46.00
20 Wilson Sonsini 1 46.00
21 Agram Legal 2 31.00
22 Nishith Desai Associates 2 29.50
23 Rajani Singhania & Partners 3 27.45
24 Trilegal 5 26.00
25 Luthra & Luthra 1 25.00
25 Sullivan & Cromwell 1 25.00
25 HSA Advocates 1 25.00
26 ALMT Legal 9 15.30
27 Impact Law Advisors 16 13.82
28 Verist Law 3 6.00
29 Patanjali Associates 1 4.10
30 DSK Legal 1 4.00
31 Altum Law 1 2.00
31 LegaLogic Consulting 1 2.00
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