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The wealth management arm of financial services group India Infoline has announced the acquisition of a majority stake in India Alternatives Investment Advisors Private Limited.
The private equity player would come under IIFL Wealth Management Ltd, according to a statement issued by the company. The fund looks to invest in mid growth stage companies and has an initial commitment of Rs 230 crore, it said.
IIFL has also committed capital to the fund and Nirmal Jain, Chairman of the Group, said that the move would help broaden its offerings.
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"This acquisition will enable IIFL Group to widen its presence in the PE industry and provide an added offering under the asset management platform".
Karan Bhagat, Managing Director and Chief Executive Officer (MD &CEO) of IIFL Wealth said that the wealth management arm's network would also aid the fund's growth.
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"IIFL's fund raising capabilities and relationships with marquee families will help India Alt accelerate its growth path," he said.
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Shivani Bhasin Sachdeva, Founder, MD & CEO of the fund also said in the press statement that the move will aid growth.
"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% institutional fund which provides a robust platform for further growth," she said.
