Private Equity Fund Investments
Maternity care chain Cloudnine raises funds from NewQuest Capital
NewQuest Capital Partners, a secondary private equity platform focused on the Asia-Pacific region, has acquired a minority interest in Bengaluru-based Kids Clinic India Pvt Ltd, which operates the Cloudnine chain of birthing centres across India. The stake has been acquired through a combination of primary investment and the acquisition of a secondary stake from existing investors and other shareholders. Allegro Advisors acted as exclusive financial advisor to Cloudnine and its shareholders. For NewQuest, Induslaw acted as legal advisors, Alvarez & Marsal and Dhruva Advisors acted as financial due diligence and tax advisors, respectively, and Envint Global acted as the ESG diligence advisors. Cloudnine runs 16 centres for maternal, childcare and fertility care across Gurugram, Noida, Chandigarh, Panchkula, Chennai, Mumbai and Pune. NewQuest made its investment in Cloudnine from its fourth flagship fund, which closed in late 2019 with USD 1 billion of commitments. The latest investment represents NewQuest's third in India in the last six months, after Cosmos-Maya and KreditBee.
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