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.