Bain Capital, a global private multi-asset alternative investment firm, announced that it has agreed to acquire 24.98% equity stake in IIFL Wealth Management Limited (IIFLWAM), one of the largest and fastest growing wealth and asset management firms in India from General Atlantic Singapore Fund Pte. Ltd. and FIH Mauritius Investments Ltd, a wholly owned subsidiary of Fairfax India Holdings Corporation.
The transaction is subject to regulatory and other customary approvals.
IIFL Wealth Management Ltd (IIFLWAM) is one of the leading wealth and alternative asset managers in India with ~USD 44 billion in assets (as on 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 has grown into a world-class financial services group in India, serving the highly specialized and sophisticated needs of high net worth and ultra-high net worth individuals, family offices, and institutions through a comprehensive range of tailored solutions ranging across wealth management, asset management, lending solutions and estate planning, the statement said.
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”.
Pawan Singh, Managing Director at Bain Capital, said: “We are delighted to be partnering with Karan, Yatin and the management team of IIFL Wealth. They have built the premier brand in wealth and asset management in India on the back of innovation, customer centricity and consistent performance. 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.”
J.P.Morgan acted as the exclusive sell-side financial advisor on the transaction. Axis Capital and NovaDhruva acted as financial advisors to Bain Capital.
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