TVS Venu Group to Acquire PGIM's Indian Asset Management Business

TVS Venu Group Agrees to Acquire PGIM India Asset Management

TVS Venu Group, led by Sudarshan Venu, has made a significant move in the Indian financial sector by agreeing to acquire the Indian mutual fund and alternates business from global asset manager PGIM. According to a company statement, TVS Venu Management and Consultancy Services Pvt. Ltd has entered into definitive agreements to acquire a 100% stake in PGIM India Asset Management Pvt. Ltd (PGIM India AMC) and PGIM India Trustees Pvt. Ltd.

The acquisition involves the purchase of a 100% stake in PGIM India AMC from Prudential Financial, although the deal size has not been disclosed. The transaction is subject to regulatory approvals and other customary closing conditions. Khaitan & Co served as the legal advisor to TVS Venu Group, while Shardul Amarchand Mangaldas & Co acted as the legal advisor to Prudential Financial. Ernst & Young LLP served as the exclusive M&A advisor to Prudential Financial.

As of December 2025, PGIM India AMC managed assets worth ₹30,000 crore and had 25 schemes as of March 2026. The company's losses widened to ₹23.6 crore in FY25, according to its annual report. The domestic mutual fund industry's assets under management (AUM) are at ₹82.03 trillion as of February, growing almost 3x since 2021, according to the Association of Mutual Funds of India (Amfi).

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The breakdown of the domestic mutual fund industry's AUM is as follows:

PGIM India AMC, formerly DHFL Pramerica Mutual Fund, was started in 2008 as a trust sponsored by Prudential Financial. It received the Securities and Exchange Board of India's approval to commence its mutual fund business and operations in 2010. Prudential Financial, with operations spanning the US, Asia, Europe, and Latin America, provides a wide array of products and services, including life insurance, annuities, retirement-related services, mutual funds, and investment management.