Religare Enterprises, a global financial services firm based in India, will buy a majority stake in private equity and venture capital firm Northgate Capital, confirmed Religare spokeswoman Nina Devlin.
Ms. Devlin declined to disclose the terms of the deal, expected to close in the first half of this year.
Northgate's five partners will retain a significant equity stake in the firm, according to a Religare news release. Details of size of the stake could not be immediately learned.
Religare's board today also approved committing up to $1 billion to strategic investments in diversified asset management businesses globally. The investment in Northgate represents the first use of that money.