IDFC Alternatives, a private equity firm, will invest Rs 100 crore in Manipal Servicecorp Facility Management (MSFM), an education services and healthcare enterprise.
IDFC Alternatives, which manages $2.2 billion (about Rs 11,880 crore), is one of the largest multi-asset class investment managers focused on the infrastructure and services value chain.
MSFM, promoted by the Manipal Education and Medical Group, provides education services and healthcare enterprise. This is IDFC Alternatives’ second investment in the education services space and its third partnership with the Manipal Group.
Currently, it manages over 12 million square feet across 70 locations and provides institutional catering services to over 13,000 people a day.
MSFM is being repositioned as a company that will provide comprehensive student living services and facilities management to universities and other education providers in India and abroad.
It will roll out student living services at Manipal University, Jaipur and TA Pai Management Institute in Manipal, followed by projects for Manipal Global Education Services’ banking training vertical in Bangalore.
Chandraketu Jha, CEO, MSFM, said there is a solid pipeline of projects that are seeing significant inbound queries from universities and colleges for outsourced student living services.
Raja Parthasarathy, Partner, IDFC Alternatives, said there is no existing organised player targeting the student living facilities market in India and MSFM has an opportunity to leverage its first mover advantage and create a unique platform.
suresh.iyengar@thehindu.co.in