IIFL Wealth Management, a subsidiary of IndiaInfoline, has purchased majority stake in India Alternatives Investment Advisors, which is an investment manager to India Alternatives Private Equity Fund (India Alt Fund).
The private equity (PE) fund India Alt Fund is seeking to invest around INR2.3 billion (US$38.3 million) in mid growth stage companies.
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IIFL Group chairman Nirmal Jain said that this acquisition will enable IIFL Group to widen its presence in the PE industry and provide an added offering under the asset management platform.
IIFL Wealth Management MD & CEO, Karan Bhagat, said: "IIFL’s fund raising capabilities and relationships with marquee families will help India Alt accelerate its growth path."
The fund is planning to boost investments in mid-growth stage companies across sectors, such as consumer and consumables, healthcare and pharmaceuticals.
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