BENGALURU: IIFL Wealth Management is closing a new private equity fund of about Rs 1,300 crore in a record time frame of about three weeks, said sources briefed on the matter. The new fund, raised by its unit IIFL Asset Management, underlines the appetite for private investments among India’s ultra-wealthy despite the ongoing pandemic.
“Typically, funds take about two or three quarters to gather commitments and close the formalities,” said one source. The fund has mopped up capital from over 200 investors, of which two-thirds has come from high net worth individuals (HNIs), while the remaining has come from institutions.
The new fund will focus on backing financial intermediaries that have already established a market-leading position. This will include players like credit rating agencies, depositories, credit bureaus and online financial service aggregators.
For instance, it has already picked up a stake in the recently listed registrar and transfer agent Computer Age Management Systems (CAMS). Another potential investment on its radar is the National Stock Exchange (NSE), where some its other funds already own a stake.
The new fund has a pipeline of about Rs 500 crore of investments, which helped accelerated its raise, said the source mentioned earlier. The new fund will take IIFL Asset Management’s total corpus close to Rs 18,000 crore.



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