Warburg Pincus To Invest $300 Mn In Princeton Growth Ventures

US-based  Warburg Pincus has reportedly teamed up with former Tata Communications executive Rangu Salgame of Princeton Growth Ventures to explore opportunities in media and telecom companies.

Salgame has co-founded Princeton Growth Ventures along with Varoon Raghavan. The collaboration is looking to create a global telecom, media, and technology platform. Salgame was the CEO of Growth Ventures and Service Provider Group at Tata Communications.

Rangu Salgame, Chairman and CEO of Princeton Growth Ventures said, “The idea is to create an investment vehicle that will focus mainly on data, cloud, and related new businesses. There are quality assets in both developed as well as emerging markets and our strategy would be to back them, recalibrate them.”

To this end, Warburg Pincus will invest $300 Mn in Princeton Growth Ventures to either acquire or back telecom and media assets and companies. Salgame further added, “It could be distressed situations, firms that needed better focus or realign management and strategy. We seek to build a multi-billion dollar internet infrastructure platform of global scale by acquiring assets from or partnering with telecom and media companies and independent players.” he said.

The platform will focus on data centres and fast-growing digital media services. The platform will also focus on businesses in geographies such as India, China, Southeast Asia, the Middle East, and Latin America.

“We see a significant opportunity in the creation of a new platform to meet the growing needs for data centers and digital cloud services across emerging market regions,” said Chandler Reedy, Managing Director, Warburg Pincus.

New York-based Warburg Pincus is a global private equity firm focussed on growth investing. As per an official statement, the firm has more than $40 Bn in PE assets under management. The firm’s active portfolio consists of more than 120 companies.

Founded in 1966, Warburg Pincus has raised 15 private equity funds, which have invested more than $58 Bn in more than 760 companies in more than 40 countries. In India, affiliates of private equity funds raised by Warburg Pincus have invested close to $4 Bn in about 50 Indian companies.

In November 2016, Gurugram-based logistic platform, Rivigo raised $75 Mn from an affiliate of Warburg Pincus.

(The development was reported by ET)