Coimbatore: IIFL Wealth Management Ltd (IIFL Wealth) has announced the acquisition of a majority stake in India Alternatives Investment Advisors, the investment manager to India Alternatives Private Equity Fund (India Alt Fund).
IIFL Group has also committed a significant contribution to India Alt Fund. India Alt Fund, a private equity (PE) fund registered with market regulator SEBI, with an initial commitment of Rs 230 crore, invests primarily in mid-growth stage companies.
"This acquisition will enable IIFL Group to widen its presence in the PE industry and provide an added offering under the asset management platform," said Nirmal Jain, chairman of IIFL Group.
"IIFL's fund raising capabilities and relationships with marquee families will help India Alt accelerate its growth path," said Karan Bhagat, MD & CEO of IIFL Wealth. The fund, a 100% institutional fund, plans to accelerate its pace of investment in mid-growth stage companies across sectors particularly in consumer & consumables, healthcare and pharmaceuticals.
Advisors of the India Alt Fund consist of eminent professionals such as Ranjana Kumar (ex-CMD of Indian Bank and NABARD and ex-vigilance commissioner, CVC), Kiran Nadkarni (managed four funds and started ICICI Ventures in India) and Anjani Jain (senior associate dean, Yale School of Management and former vice dean, Wharton).
"Association with IIFL Group is synergistic and will strengthen the India Alt platform, especially in fund raising, deal sourcing and exit management capabilities," said Shivani Bhasin Sachdeva, founder, MD and CEO, India Alt Fund.
IIFL Wealth Management, the private wealth management arm of IIFL Group, advises high net-worth individuals (HNIs) and ultra HNIs and manages assets to the tune of over Rs 55,000 crore.
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