US-based private investment firm Bain Capital is set to acquire a 24.98% equity stake in India-based IIFL Wealth Management (IIFLWAM).

Bain Capital is acquiring the holding from General Atlantic Singapore Fund and FIH Mauritius Investments for $21.81 (INR1,661) per share, according to a report by Business Line. 

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The transaction is subject to regulatory and other customary approvals.

Founded in 2018, IIFLWAM offers wealth management, asset management, lending solutions and estate planning to high net worth (HNW) and ultra-high net worth (UHNW) individuals, family offices, and institutions.

Its differentiated product suite consists of alternative investment funds (AIFs), portfolio management services (PMS) and mutual funds (MFs).

As of the end of 2021, the firm managed approximately $44bn in assets.

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In 2020, IIFLWAM concluded its acquisition of L&T Capital Markets.

The Mumbai-headquartered firm has around 900 employees and a footprint across four major global financial hubs and 23 locations in India.

Commenting on the deal, Bain Capital managing director Pawan Singh said: “We are delighted to be partnering with Karan, Yatin and the management team of IIFL Wealth.

“The company is well poised to benefit from secular tailwinds of wealth creation in the economy, greater financialisation, and increasing penetration of formal wealth management. We look forward to working with the team on the next phase of IIFL Wealth’s growth journey.”

IIFLWAM managing director and CEO Karan Bhagat said: “Bain Capital’s investment is a testament to our strong leadership franchise in the financial services space, and in our team’s ability to continue to execute and grow the business to scale. We look forward to having them on board.”

In February, a report by Bloomberg said that Bain Capital is planning to increase its staff headcount in Japan by 25%.