Blackstone-backed PAG mulls sale of $1.2 Billion Stake in Nuvama

Blackstone-backed PAG mulls sale of $1.2 Billion Stake in Nuvama

Asian private equity firm PAG is considering options that may lead to a sale of its majority stake in Mumbai-listed Nuvama Wealth Management Ltd., according to people familiar with the matter.

Blackstone Inc.-backed PAG is working with financial advisers on a strategic review of its more than 54 percent stake in the Indian wealth manager, the people said, asking not to be identified because the deliberations are private. That could result in a partial or full sale, the people said.

Nuvama shares have dropped about 19 percent this year, giving the company a market value of $2.3 billion. Still, the stock has surged 114 percent since the firm’s listing in September 2023.

India’s stock market benchmark BSE Sensex is down about 4.5 percent in 2025 after nine consecutive years of gains.

Considerations are at a preliminary stage and PAG may decide against a sale, the people said. Other financial services firms including global asset managers have expressed preliminary interest in Nuvama, the people said.

A representative for PAG declined to comment, while Nuvama didn’t immediately respond to a request seeking comment during a holiday.

Nuvama provides wealth, asset management, capital markets and advisory services, according to its website. Its clients include entrepreneurs, promoters, high- and ultra-high-net-worth individuals, corporate and institutional investors.

PAG invested about $325 million for a controlling stake in Nuvama, formerly known as Edelweiss Wealth Management, in 2021.