ADV Partners invests $105 million in Feedback Infra; L&T Infra, IDFC Bank sell stake

Asia-focused private equity (PE) firm ADV Partners has invested $105 million (Rs 6.85 billion) in infrastructure services provider Feedback Infra Private Limited. The deal, which was a combination of debt and equity, also involved a secondary component, where existing investors IDFC Bank shed some of its holdings and L&T Infrastructure Finance Company Limited exited fully. The primary objective of the fund raise is to reduce debt and provide growth capital. This is the first investment by ADV Partners from its second fund, ADV Opportunities Fund II. Axis Capital was the sole adviser for this transaction.