Five people who tipped in about $23 million into a Macquarie-led fund have asked a UK regulator to investigate the group’s investment in Indian company Byju’s.
Already a subscriber?Julius Baer clients who invested in a Macquarie Capital-backed fund have complained to the UK’s Financial Conduct Authority about the Australian investment bank’s valuation of Indian education technology platform Byju’s.
Macquarie first invested in Byju’s in 2021 through a dedicated vehicle called MC Global Edtech Investments Holdings. Julius Baer, one of the largest private banks in Europe, raised at least $US300 million from its clients for the Byju’s-dedicated fund.asked Macquarie about its valuation of Byju’s, Macquarie wrote it down by 98 per cent.
“Macquarie’s fee structure, which calculates annual management fees based on the latest mark-to-market value, creates an incentive to maintain or inflate valuations, directly benefiting Macquarie through increased fees at the expense of investor interests.”by this masthead, Macquarie held its value of Byju’s at $US22 billion last year, and sent bullish updates about the company to investors in the Julius Baer co-investment vehicle.
Byju’s is also caught up in lengthy legal proceedings in the United States relating to $US533 million tied up in an offshore account,A spokeswoman for Macquarie said last week that its valuations were audited annually and that fees were “retrospectively charged” for the previous year’s performance in April.
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