IIFL Asset Management Limited (IIFL AMC) has launched IIFL India Private Equity Fund, a close-ended SEBI-registered Category II Alternative Investment Fund (AIF), and targets raising around Rs 1,500-2,000 crore.
The Fund is designed to back highly-qualified professionals with a strong execution track record and provide capital to such professional entrepreneurs both at seed and growth stage. The fund will target experienced professionals who have hunger to create something big by leveraging their experience and networks.
Amit Shah, CEO, IIFL Asset Management Business, said, “India is coming of age. The last decade has seen many professionals successfully embark on their entrepreneurial journey. They have leveraged their past experience as professionals and accessed organized pool of capital from investors to create large enterprises. This fund has been set with a vision to back and promote such professionals. Historically, the available pool of capital was mostly foreign private equity capital. IIFL India Private Equity Fund is perhaps one of the first home-grown fund to back Indian professionals who have entrepreneurial aspirations.”
Prashasta Seth, CIO, IIFL Asset Management Business, added, “This is a unique fund which will enable large investors, HNIs and family offices to participate in this journey of professional entrepreneurship in an organized and focused manner. Last year saw over 280 deals where funds made successful exits and raked in a total of over $12 billion. We will use experience and expertise, to guide the professional entrepreneurs through the entire value chain including strategy, operations, financial discipline and corporate governance.”
The fund will focus on professional entrepreneurs who are ready to ride the mega trend in fast-growing sectors like financial services, consumer, healthcare and technology. Also, the fund will aim to create a portfolio of 12-15 companies, investing an average of Rs 70-100 crore in each of the companies over a period of time.