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Private equity giants CVC, Permira, and EQT are battling it out to buy PAG’s controlling stake in Nuvama Wealth Management in a deal that could be worth $1.6 billion.
What’s going on: the private equity companies are up against global bank HSBC and PE player ChrysCapital, making this one of the hottest contests in India’s financial services scene. These five suitors were shortlisted last month after putting in non-binding bids.
Worth noting: Nuvama is the Indian trading partner of Jane Street. After news of the talks broke, Nuvama’s stock slipped 11%, marking its biggest fall in three months.
Why it matters: Nuvama is one of India’s top wealth and retail broking platforms, managing over ₹2.6 lakh crore in client assets as of March 2025. Its revenue has grown at a rate of 25% over the past three years, driven by rising demand for equity trading, mutual funds, and portfolio management.
India’s wealth management market itself is booming, projected to reach $1 trillion in assets by 2027 as more middle-class investors enter the market. For global private equity and banking giants, buying Nuvama is a fast track to capture this growth and tap into a digitally savvy investor base.
