Dutch financial services conglomerate ING Groep NV, among the top 20 companies in the world based on market capital, is looking to buy an established private equity, or PE, fund house in India, according to a company executive familiar with the development. New Delhi-based Avigo Capital Partners, a PE fund manger with a focus on small and medium enterprises (SMEs), is a potential candidate, this person said, asking not to be named as the target is not finalized yet. “We are looking to buy out a PE fund house or acquire strategic equity stake in one of them,” the ING executive said. The deal is being explored from ING’s Hong Kong office at One International Finance Centre on Harbour View Street, he added. But, Vivek Subramanian, a founding partner at Avigo, said the firm is not in talks tosellout the business. Small funds will not survive long in the PE business, which is “essentially a large capital play”, said Jon Schahinger, who heads ING’s PE business in Asia from its office in Australia. “As the market grows, small funds perish if they aren’t taken over by larger funds.”   more »