Nippon Life India AMC and DWS enter into MoU to scale-up AIF segment
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Nippon Life India Asset Management and DWS Group have signed an agreement. DWS will invest in Nippon Life India AIF Management. This will help grow Nippon India's alternatives business. The partnership aims to build a global alternatives platform. It will also launch passive products for Indian and global markets. This collaboration combines Indian and global expertise.
Nippon Life India Asset Management (NAMI) and DWS Group today announced that both companies have entered a Memorandum of Understanding (MoU).Under the MoU, DWS plans to invest into Nippon Life India AIF Management (NIAIF) to further scale up the Alternatives business of Nippon India. With close to USD 1 billion commitments raised and an established track record of 10 years, NIAIF is one of India’s leading asset managers for various categories of Indian Alternative Investment Funds (AIF), according to a press release.
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It is still in early stages of growth and has so far built a comprehensive Alternatives product suite across Private Credit, Listed Equities, Real Estate and Venture Capital. With the proposed JV, it plans to further expand its product suite and expand its coverage to offshore investors through DWS’s global reach. DWS plans to acquire a minority stake of 40 percent in NIAIF, the release said.
The envisaged investment underscores DWS’s confidence in the structural growth of India’s alternative-markets ecosystem and the strong track record of Nippon India in managing alternative strategies.
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India's alternative asset management market is poised for strong growth in the coming decades driven by robust economic growth, increasing participation from domestic and foreign investors, diversification needs, favourable regulatory environment and government support. In this environment, AIF structured funds, introduced in India in 2012, have amassed nearly USD 171 billion in gross capital commitments.
This segment is projected to expand at an impressive ~32% CAGR, reaching approximately USD 693 billion over the next five years. Historically, Assets under Management (AUM) in this category have grown at an annual rate of about 28% between 2019 and 2023. With the planned joint venture, both firms aim to build a globally benchmarked, scalable alternatives platform, enabling Indian and international investors to participate in India’s long-term alternatives growth story.
As part of the MoU, NAMI and DWS also envisage establishing a strategic cooperation to jointly launch Passive products for the Indian and for UCITS markets, leveraging each party’s strong passive capabilities across the entire value chain, to aim for a global distribution arrangement to develop and distribute actively managed mutual funds with India-focused strategies through DWS’s global distribution network.
This planned collaboration represents a long-term partnership combining NAMI’s India investment expertise along with its established investor network in India with DWS’s global expertise in Passive and Alternative investments. Both firms aim to leverage each other’s strengths in knowledge sharing, global best practices, and mutual understanding of global and Indian markets.
Sundeep Sikka, ED & CEO of Nippon Life India Asset Management Ltd, said, “By bringing together DWS’s global expertise with our three decades of Indian asset management expertise, we aim to build a strong and scalable alternatives franchise that attracts both domestic and international investors.
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“Alternatives is the next big opportunity in India’s asset management landscape and with this collaboration we will further strengthen our Alternatives platform. At the same time, our partnership in Passive strategies and Global distribution will allow us to deliver world-class investment access to global and Indian investors. In addition to Japan, this partnership now opens other key global markets for NAMI and positions us as a truly global asset manager,” Sikka added.
“India is one of the core growth markets for global asset managers for the next decades and has long been a strategic ambition for DWS. We are thrilled to partner with NAMI to invest in a well-established franchise to jointly address the growing demand for long-term investments into the Indian economy. The envisaged agreements tackle three of our priorities: drive growth in Alternatives and Passive, deliver on our promise to leverage our strong partnerships in Asia, and pursue our ambition to become ‘top 5 in Top 5’,” said Stefan Hoops, CEO of DWS.
Kazuo Sato, Senior Managing Executive Officer of Nippon Life Insurance Japan, said: “NAMI is an important subsidiary of Nippon Life and one of our most successful asset management acquisitions overseas. Over the years, we have built a strong Indo-Japan corridor, fostering trust, collaboration, and innovation. Our long-standing relationship with Deutsche Bank, DWS and NAMI makes this proposed partnership a natural and strategic step forward. This collaboration represents a true win-win — combining DWS’s global investment expertise with NAMI’s strong local market presence to create lasting value for investors across both organisations.”
Kaushik Shaparia, CEO, India and Emerging Asia of Deutsche Bank, said: “India’s dynamic economy and its accelerating demand for sophisticated investment solutions make this partnership a natural step for us. By joining forces with Nippon Life India, we are not only investing in a market of immense potential but are also reiterating our confidence in India’s regulatory framework, its entrepreneurial spirit, and our commitment to building long-term value for investors both within and beyond its borders.”
James von Moltke, President and Chief Financial Officer of Deutsche Bank and responsible for the Asset Management, said: “India is a key market for Deutsche Bank since we opened our first office here in 1980. As the Global Hausbank, it is our mission to connect markets and capital around the world. We are pleased to leverage our strong and longstanding partnership with Nippon Life to open up DWS’s expertise to the Indian people.”
The terms of the Memorandum of Understanding (MoU) have been finalised. Both parties have agreed to maintain confidentiality on the targeted price of the transaction and further financial details. The transaction is also subject to the approval of relevant regulatory authorities.
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