Bain Capital, a leading global alternative investment firm, said on Thursday that it was acquiring 24.98% stake in IIFL Wealth Management for Rs 3,680 crore from General Atlantic Singapore Fund Pte and FIH Mauritius Investments, a wholly-owned subsidiary of Fairfax India Holdings Corporation. IIFL Wealth is a key player in the wealth and asset management business.
Commenting on the acquisition, Pawan Singh, managing director at Bain Capital, said: “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.” The transaction will be subject to regulatory and other customary approvals. IIFL Wealth Management had assets worth $44 billion under management as of December 31, 2021.
Founded by first generation entrepreneurs, Karan Bhagat, MD & CEO, IIFL Wealth and Yatin Shah, joint-CEO, IIFL Wealth, in 2008, the company serves the highly specialised and sophisticated needs of high net worth and ultra-high net worth individuals, family offices and institutions.
Karan Bhagat, managing director and chief executive officer, IIFLWAM, said: “Since our inception 13 years ago, we continue to service our clients with unflinching commitment to innovation, consistency, transparency as well as to provide a trusted platform for all their Wealth and Asset Management needs. 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”.