IIFL Wealth acquires PE firm India Alternatives

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IIFL Group to contribute significantly to India Alternative Fund

IIFL Wealth Management, the private wealth management arm of Nirmal Jain promoted equity broking firm IIFL Holdings announced acquisition of a majority stake in private equity firm India Alternatives Investment Advisors, the investment manager to India Alternatives Private Equity Fund for an undisclosed sum.

IIFL Group has also committed a significant contribution to the India Alternative Fund, IIFL said in a statement.

India Alternative Fund is a private equity fund registered with Sebi, it has an initial commitment of Rs 230 crore and invests primarily in mid-growth stage companies, IIFL Holdings said in a statement issued to the stock exchanges.

The fund is owned and managed by the founder Shivani Bhasin Sachdeva acting as MD & CEO. “She will continue managing the India Alternative Fund, under IIFL Wealth Management,” IIFL Holdings said. India Alternatives will continue to operate as a separate company and will be supported like any other IIFL Group company.

IIFL Wealth Management is the private wealth management arm of IIFL Group. “Incorporated in 2008, it advises HNI/UHNI clients on assets over Rs 55,000 crore,” IIFL Holdings said.

Karan Bhagat, MD & CEO, IIFL Wealth Management said, “IIFL’s fund raising capabilities and relationship with marquee families will help India Alternatives accelerate its growth path.” “The fund plans to accelerate its pace of investment in mid-growth stage companies across sectors particularly in consumer & consumables, healthcare and pharmaceuticals,” IIFL Holdings said.

Nirmal Jain, chairman, IIFL Group said, “This acquisition will enable IIFL Group to widen its presence in the PE industry and provide an added offering under the asset management platform.”

Shivani Bhasin Sachdeva, MD & CEO said, “Association with IIFL Group is synergistic and will strengthen the India Alt platform; especially in fund raising, deal sourcing and exit management capabilities. The fund is a 100 per cent institutional fund which provides a robust platform for further growth.”

Shares of IIFL Holdings closed 2.13 per cent up at Rs76.75 on BSE.

Last month IIFL Holdings had divested 76 per cent stake in its Sri Lankan subsidiary IIFL Securities Ceylon, engaged in stock broking activities and 76 per cent stake in another subsidiary IIFL Capital Ceylon, engaged in corporate advisory services to respective local joint venture partners.

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