A US-based global equity-investment boutique firm, GQG Partners, has invested $1.87bn in the embattled Adani Group, which has been facing headwinds in the Indian stock market following the short-seller Hindenburg’s explosive report published on January 24.
GQG, in a series of secondary block trade transactions, has bought shares in Adani portfolio companies—Adani Transmission, Adani Ports, and Adani Green Energy—a regulatory filing showed. The deal was brokered by Jefferies.
GQG is one of the marquee investors in global and emerging markets, and manages more than $92 billion as of January this year.
“I am excited to have initiated positions in the Adani companies. Adani companies own and operate some of the largest and most important infrastructure assets throughout India and around the world,” Rajiv Jain, Chairman and CIO of GQG Partners, said in a statement.
“Gautam Adani is widely regarded as among the best entrepreneurs of his generation. We believe that the long-term growth prospects for these companies are substantial, and we are pleased to be investing in companies that will help advance India’s economy and energy infrastructure, including their energy transition over the long-run.”
The chief financial officer of the Adani group, Jugeshinder Singh, said the Indian-based conglomerate valued GQG’s role as a strategic investor in its infrastructure and utility portfolio of sustainable energy, logistics, and energy transition.
“This transaction marks the continued confidence of global investors in the governance, management practices and the growth of the Adani portfolio of companies,” Singh said.
GQG was co-founded by Rajiv Jain in 2016. Born in India, Jain moved to the US in 1990 to pursue an MBA at the University of Miami. He began his career at Vontobel Asset Management in 1994 as a portfolio manager, according to his LinkedIn profile.
Jain went on to become Vontobel’s chief investment officer and head of equities. Between 2014 and 2016, he even served as its co-CEO.
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