“There are good investment opportunities available in the financial intermediaries space in India, especially in the unlisted sector. New PE fund of IIFL will have its whole focus in this area, where HNIs and family offices in India are also keen for investments,” said one of the persons cited above.
The new fund, with an investment focus on the financial services sector, has a tenure of 5 years. The fund has already made its debut investment in the pre-IPO round of Computer Age Management Services (CAMS). It was listed last Thursday at 1,518 on BSE, a 23% premium over its issue price of Rs 1,230. The Rs 2,242 crore IPO of Warburg Pincus-backed CAMS was subscribed 47 times.
Under various Alternative Investment Funds (AIF), IIFL Asset Management has AUM of 17,985 crore as on 31st Aug, 2020.
IIFL Special Opportunities Fund has made a recent pre-IPO investment in Happiest Minds, while its Seed Venture Fund invested 25 crore in Bengaluru-based software-as-a-service (SaaS) startup Quintype last month.
IIFL India Private Equity Fund with a focus in areas of healthcare, technology and consumer goods, made about five investments to date, including a 40-crore bet on Mumbai-based brewery White Owl.
India-focused private equity and venture capital funds raised $11.7 billion in 2019 in 56 funding rounds, an increase of around 45%compared to the previous year, data compiled by EY showed.
Meanwhile, private equity investments in India have more than doubled during the first nine months to $23.47 billion from $13.41 billion, mainly because of a series of billion dollar investments in Reliance Industries’ Jio and retail businesses.