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What is the story about?
UC Investments, which oversees the University of California’s $210 bn plus retirement & endowment assets and the promoter family of diversified conglomerate TVS Venu Group, have emerged as two key co-investors of the four-way consortium which announced the buyout of top IPL franchise Royal Challengers Bengaluru ( RCB) in March, multiple industry sources in the know told Moneycontrol.
“CIO Jagdeep Singh Bachher led UC Investments has reached a pact with the Aditya Birla Group to participate as a co-investor in the latter’s special purpose vehicle (SPV), which will ultimately hold stake in Royal Challengers Bengaluru. As part of this proposed structure, UC Investments will not have any direct exposure to the cap table of the IPL franchise,” said one of the persons above.
According to a second person, “As part of a similar arrangement, the promoters of the TVS Venu Group have tied up with the Times of India Group as one of the latter’s main co-investors in the SPV.”
A third person said, “This is a long-term bet in the sports segment by the TVS Venu group, which has a strong business presence in Bengaluru, and hence a local connect.”
“Over and above UC Investments and TVS Venu Group, there are other co-investors as well in the two SPV’s for the Aditya Birla Group and the Times of India Group, including domestic and overseas HNI’s,” a fourth person elaborated.
“The four-way consortium for RCB has submitted all relevant details, including the names of all the co-investors to the seller Diageo, which in turn has submitted the details to the BCCI for approval,” the fourth person elaborated.
David Blitzer led Bolt Ventures and BXPE, the perpetual private equity strategy of Blackstone, are the other members of the consortium which announced the acquisition of RCB for $1.78 bn ( Rs 16,600 crore) on March 24.
All the four persons above spoke to Moneycontrol on the condition of anonymity.
The ticket sizes of the investments planned by UC Investments and TVS Venu Group could not be independently verified by Moneycontrol.
Moneycontrol has sent email queries but could not elicit an immediate comment from Diageo, TVS Venu Group and UC Investments. Satyan Gajwani, Chairman, Times Internet Limited, declined to comment in response to a text message from Moneycontrol. A spokesperson for Aditya Birla Group was unavailable for comment, while a text message to Sudarshan Venu of the TVS Venu Group was left unanswered at the time of publishing this article. Reminders have been sent and this article will be updated as soon as we hear from any of the parties.
According to the RCB deal announcement made on March 24, the acquisition is subject to customary closing conditions, including approval from the BCCI, the CCI and other applicable regulatory authorities.
A closer look at the co-investors
UC Investments, which backs SpaceX, manages University of California investment funds and provides fiduciary oversight. A major global institutional investor, it focuses on public markets and private equity, especially in sustainability, impact investing and technology. Recently, it has adopted a cautious stance on AI, according to CIO Bachher.
TVS Venu Group is a multinational group with operations in more than 80 countries and interests across auto, financial services and real estate.
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On April 2, the group said that it had finalised a deal through TVS Venu Management and Consultancy Services Pvt Ltd and its affiliates, to acquire Prudential Financial Inc’s 100 percent stake in PGIM India Asset Management Pvt Ltd and PGIM India Trustees Pvt Ltd.
Incidentally, on May 3, Lakshmi N Mittal and Aditya Mittal also announced that a definitive agreement for $1.65 bn had been reached to acquire the Rajasthan Royals, in partnership with Adar Poonawalla, from Manoj Badale and consortium. Moneycontrol was the first to report the development.
“CIO Jagdeep Singh Bachher led UC Investments has reached a pact with the Aditya Birla Group to participate as a co-investor in the latter’s special purpose vehicle (SPV), which will ultimately hold stake in Royal Challengers Bengaluru. As part of this proposed structure, UC Investments will not have any direct exposure to the cap table of the IPL franchise,” said one of the persons above.
According to a second person, “As part of a similar arrangement, the promoters of the TVS Venu Group have tied up with the Times of India Group as one of the latter’s main co-investors in the SPV.”
A third person said, “This is a long-term bet in the sports segment by the TVS Venu group, which has a strong business presence in Bengaluru, and hence a local connect.”
“Over and above UC Investments and TVS Venu Group, there are other co-investors as well in the two SPV’s for the Aditya Birla Group and the Times of India Group, including domestic and overseas HNI’s,” a fourth person elaborated.
“The four-way consortium for RCB has submitted all relevant details, including the names of all the co-investors to the seller Diageo, which in turn has submitted the details to the BCCI for approval,” the fourth person elaborated.
David Blitzer led Bolt Ventures and BXPE, the perpetual private equity strategy of Blackstone, are the other members of the consortium which announced the acquisition of RCB for $1.78 bn ( Rs 16,600 crore) on March 24.
All the four persons above spoke to Moneycontrol on the condition of anonymity.
The ticket sizes of the investments planned by UC Investments and TVS Venu Group could not be independently verified by Moneycontrol.
Moneycontrol has sent email queries but could not elicit an immediate comment from Diageo, TVS Venu Group and UC Investments. Satyan Gajwani, Chairman, Times Internet Limited, declined to comment in response to a text message from Moneycontrol. A spokesperson for Aditya Birla Group was unavailable for comment, while a text message to Sudarshan Venu of the TVS Venu Group was left unanswered at the time of publishing this article. Reminders have been sent and this article will be updated as soon as we hear from any of the parties.
According to the RCB deal announcement made on March 24, the acquisition is subject to customary closing conditions, including approval from the BCCI, the CCI and other applicable regulatory authorities.
A closer look at the co-investors
UC Investments, which backs SpaceX, manages University of California investment funds and provides fiduciary oversight. A major global institutional investor, it focuses on public markets and private equity, especially in sustainability, impact investing and technology. Recently, it has adopted a cautious stance on AI, according to CIO Bachher.
TVS Venu Group is a multinational group with operations in more than 80 countries and interests across auto, financial services and real estate.
Also Read | Tim David cops fine, demerit points for 'obscene' gesture
On April 2, the group said that it had finalised a deal through TVS Venu Management and Consultancy Services Pvt Ltd and its affiliates, to acquire Prudential Financial Inc’s 100 percent stake in PGIM India Asset Management Pvt Ltd and PGIM India Trustees Pvt Ltd.
Incidentally, on May 3, Lakshmi N Mittal and Aditya Mittal also announced that a definitive agreement for $1.65 bn had been reached to acquire the Rajasthan Royals, in partnership with Adar Poonawalla, from Manoj Badale and consortium. Moneycontrol was the first to report the development.
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