IIFL Wealth Acquires Majority In India Alt PE Fund

Apr 7 2014 | 12:29pm ET

Financial services firm India Infolines' wealth management arm has acquired a majority stake in India Alternatives Investment Advisors, the investment manager to the India Alternatives Private Equity Fund.

The value of the deal was not revealed.

IIFL said it had made a “significant contribution” to the India Alt Fund, which has $38 million in commitments and invests in mid-stage growth companies.

Fund founder Shivani Bhasin Sachdeva, who will continue to manage the fund for IIFL Wealth, said she was looking for opportunities in the consumer and consumables, healthcare and pharma spaces.

The India Alt Fund is reported to have made three investments since 2010: two in education, one a co-investment in an undergarments maker.

"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, in a statement.

IIFL announced earlier this year it had raised $117.3 million for a real estate fund.

Mumbai-based IIFL Wealth Management advises high net-worth individuals and ultra high net worth individuals and manages assets of over $9 billion.


In Depth

bfinance: Fees Falling Across Asset Classes, Yet Overall Investor Costs Still Climbing

May 16 2017 | 9:53pm ET

Despite unprecedented attention on fees, new research from investment consultancy...

Lifestyle

Aston Martin Returns To Debt Market As DB11 Drives Turnaround

Mar 31 2017 | 5:21pm ET

James Bond’s preferred carmaker is returning to the public debt markets for the...

Guest Contributor

Risk-Based Compliance: Why Oversight Of Outsourcing Is Critical

May 10 2017 | 7:02pm ET

Compliance is notoriously one of the trickiest middle office functions for funds...

 

From the current issue of