CLSA Capital Partners ARIA IV Funds exit investment in Indian personal hygiene company with 4 times return



India – Thursday, 23 June 2021 – ARIA IV, the leading Pan-Asian growth & expansion private equity funds managed and advised by CLSA Capital Partners, the sole alternative asset-management arm of Asia’s leading global capital markets and investment group CLSA, has made an exit with strong returns from its Indian portfolio company Nobel Hygiene.

Nobel Hygiene is India’s first and by far the only large-scale indigenous manufacturer of adult and baby diapers. It is the national leader in adult diaper category selling under its brand ‘FRIENDS’ and is also rapidly capturing market share in the baby diaper market selling under its brands ‘TEDDYY’ and ‘SNUGGY’. It is now recognized as the only major Indian brand in the Indian baby diaper category dominated by the global brands till now.
This deal marks yet another exit with strong returns in India for CLSA’s investors, in continuation with its long track record of 9 previous exits in India, making ARIA one of the longest successfully running mid-market growth PE Fund series in India. ARIA IV invested nearly INR 600 million in Nobel Hygiene in 2015. Since then Nobel Hygiene’s topline has been growing at a CAGR of 35% on the back of strong brand visibility, rapidly expanding manufacturing, marketing and distribution capabilities.

The current exit involves a secondary stake sale to another PE fund as well as new primary fund raise for Nobel Hygiene. The secondary stake sale realized 4 times return for ARIA IV amidst COVID-19 challenges. The primary fund raise will support expansion of Nobel Hygiene including setting up of its 2nd state-of-the-art manufacturing facility.


About CLSA Capital Partners

CLSA Capital Partners is the asset management business of CLSA, Asia’s leading capital markets and investment group. Established in 1995, CLSA Capital Partners manages a diversified range of strategies including private equity, real estate, credit and transportation and real assets. From eight offices across Asia-Pacific including Hong Kong, Singapore and Tokyo, the firm’s experienced investment teams aim to generate attractive returns for clients while ensuring sustained value creation for portfolio companies and investment partners. Its ARIA series of Funds has more than 20 years of track record in providing growth and expansion capital to Asia’s emerging brands and has invested in more than 30 companies in Asia including 13 in India till date. For more information about CLSA Capital Partners, visit and for more information about CLSA, visit

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