U.S.-based private equity firm Advent International Corp. acquired a significant minority stake in India's ASK Group, an investment and wealth management company.

The company did not disclose financial details of the transaction. However, "an official involved in the transaction" said the company bought a 40% stake in ASK Group for around US$130 million, Mint reported Dec. 21.

ASK Group's founders will retain a majority stake in the company. ASK Group manages more than US$4.4 billion of assets.