IIFL Wealth Mgmt buys India Alternatives Fund

Brokerage firm IIFL's wealth management arm today said it has acquired a majority stake in private equity fund India Alternatives for an undisclosed sum.
IIFL Wealth Management has acquired the stake in India Alternatives Investment Advisors, the investment manager to India Alternatives Private Equity Fund, which already has Rs 230 crore in commitments, an IIFL statement said.
The India Alt Fund, which is registered with capital market regulator Sebi, invests in mid-stage growth companies, the statement said.
According to some reports, it has made three investments since 2010, two in the education space and the third, a co-investment with another fund, in an undergarments maker.

IIFL, which already managers a private equity fund devoted for the realty space, has committed a "significant contribution" to the India Alt Fund (IAF), the statement said.
IAF is founded by the Wharton School alumni Shivani Bhasin Sachdeva, the statement said, adding she will continue to manage the fund, now under IIFL Wealth.
She said the fund is looking at investments in the consumer and consumables, healthcare and pharma space.