IIFL Asset Management (IIFL AMC) is raising $200 million (Rs 12 billion-15 billion) for IIFL India Private Equity Fund, its second such. It will back businesses started by professionals and with a strong record in execution.
A Category-II alternative investment fund, the plan is to achieve a first close by July-end and to raise the money mostly from domestic investors, ultra high net worth individuals (HNIs) and family offices. They would be also allowed to co-invest in these deals, depending on how much they invest.
It has already identified two companies — a non-banking financial entity in the housing finance space and an eye-care company — backed by professionals with a proven track record.