IIFL Wealth acquires majority stake in India Alt
IIFL Wealth Management Ltd. has confirmed that that it has acquired a majority stake in India Alternatives Investment Advisors Private Ltd. (India Alt).
India Alt is a private equity fund registered with capital market regulator SEBI. With an initial commitment of Rs 230 crore, it makes investments primarily in mid-growth stage companies.
IIFL Wealth is the private wealth management division of IIFL Group, which is making efforts to expand its presence in the private equity industry and provide an additional offering under its asset management platform.
Shivani Bhasin Sachdeva, the founder, managing director and CEO of India Alt will keep on managing the fund under IIFL Wealth. The fund has plans to accelerate its pace of investment in mid-growth stage companies across various sectors, with a special focus on healthcare and pharmaceuticals.
Incorporated in 2008, IIFL Wealth advises HNI/UHNI clients on assets worth more than Rs. 55,000 crore.
In March this year, IIFL had offloaded 76 per cent of its stake in its two Sri Lankan subsidiaries, viz. IIFL Securities Ceylon and IIFL Capital Ceylon, which provides corporate advisory services to local JV partners.
IIFL shares gained 2.13 per cent to close at Rs 76.75 apiece on the Bombay Stock Exchange (BSE).