Alberta Investment Management Corporation (AIMCo), OMERS Administration Corp. (Ontario Municipal Employees' Retirement System) (OMERS), Brookfield Corporation (TSX:BN) (Brookfield Asset Management Inc.), and I Squared Capital Advisors, LLC are looking to invest in Fourth Partner Energy Private Limited, two people aware of the development said. The deal involves buying TPG Capital, L.P.'s 52% stake in Hyderabad-based Fourth Partner Energy at an expected enterprise value of around $700 million and a fresh equity investment of $500 million.

The suitors have already submitted non-binding offers (NBO) for the transaction run by Bank of America and Investec, the people cited above said on the condition of anonymity. Norway's state-owned investment fund, Norfund, is also an investor in Fourth Partner. In an earlier interview, Fourth Partner Energy's co-founder and executive director Vivek Subramanian had said the company plans to raise fresh capital in its next funding round.

Mint also reported on November 8, 2022, about TPG looking to sell its stake in Fourth Partner. In response to a query, a Fourth Partner Energy spokesperson said in an emailed response, "Fourth Partner Energy is in the midst of a fund-raising round, and we cannot comment on any specific development at the moment. We have significant expansion targets for India and South East Asia and are on track to achieving the same." Spokespeople for Bank of America, Brookfield Asset Management Inc., and OMERS declined to comment.

Queries emailed to the spokespersons of AIMCo, I Squared Capital, and Investec early January 4, 2022 morning remained unanswered till press time.