Mumbai, India and Washington, DC, July 29, 2009 – Darby Overseas Investment Limited ("Darby"), announced that Franklin Templeton Private Equity Strategy ("FTPES"), a private equity portfolio managed by Franklin Templeton Asset Management (India) Private Limited, ("FT India") and advised by its affiliate Darby Asia Investors (India) Limited ("Darby India"), invested Rs 500 million (approximately US$ 10.4 million) in Rajasthan based Career Point Infosystems Limited ("Career Point"). Transaction details were not disclosed.
Career Point is one of the largest and most successful competitive examination preparation companies in India, engaged in coaching for admission to IITs, NITs and other engineering colleges and universities. It has operations in 29 cities through a mix of company run as well as franchisee operations. The funds will be used for expanding its existing operations and entering into other areas of education.
About Franklin Templeton Private Equity Strategy
FTPES is a private equity investment product offered to high net worth individuals in India and closed in 2008 with total capital commitment of Rs 6300 million (US$147 million*). The objective of FTPES is to make selective investments in high growth, mid-sized unlisted companies in India - in areas such as infrastructure, manufacturing, and consumer goods, and in related sectors
Darby Overseas Investments Limited is the private equity arm of Franklin Templeton Investments, and is a premier investment manager in emerging markets private equity and infrastructure investing with over $2.6 billion assets under management.
Darby was founded in 1994 by The Honorable Nicholas F. Brady, who served as U.S. Secretary of the Treasury between 1988 and 1993. Richard Frank joined the firm as CEO in 1997 after his career at the IFC/ World Bank. In 2003 Darby became a fully owned subsidiary of Franklin Resources, Inc. [NYSE:BEN], a global investment management organization operating as Franklin Templeton Investments.
Franklin Templeton Institutional, part of Franklin Templeton Investments, provides global and domestic investment management solutions managed by the Franklin Global Advisers, Templeton, Franklin Templeton Fixed Income, Franklin Templeton Real Estate Advisors, Darby and Mutual Series investment management teams. Franklin Templeton Investments, based in San Mateo, California, has more than 60 years of investment experience and over US$451 billion in assets under management as of June 30, 2009.
About Career Point Infosystems Ltd ("Career Point")
Career Point is a pioneer in the engineering entrance test preparation segment of the fast growing Indian test preparation market. It has an established track record of over 15 years and has built a brand in the engineering test preparation market. Since inception, Career Point has grown significantly to reach a size of ~ 24,000 enrollments last year. Over 29 learning centers, a large talent pool of qualified and experienced faculty members comprising of IITians and NITians from renowned engineering colleges in India combined with a wide variety of courses offered, places Career Point in a strong position in the test preparation market. It also has to its credit a huge content repository comprising of over 8000 pages of content for IIT-JEE, 7000 pages content for AIEEE. Career Point has now embarked upon an aggressive expansion plan of giving new shape to the traditional classroom model, using technology as a tool and venturing into other related training segments. This will enable Career Point to deliver high quality content across the nation. To become a complete learning solution provider, Career Point is now entering into Kindergarten to Grade-12 (K-12 School) and higher education (university) space.
* As on Portfolio commencement date