Bain Capital-backed 360 One raises $500 million for secondary fund

By Preeti Singh

Bain Capital-backed 360 ONE WAM Ltd., one of India’s largest wealth firms, raised $500 million for its debut secondary fund, according to Sameer Nath, chief investment officer and head of venture capital and private equity at its asset management business. 
 

Unlike typical secondary funds that buy stakes in other funds, 360 One’s will also invest in companies planning to go public within the next two years, Nath said in an interview Wednesday. 

It has already deployed about 40 per cent of its capital in eight assets, Nath said, with a goal of 20 investments. 

Growth and private equity funds are looking at secondary stake sales as a way to return liquidity to their investors and improve their distributed paid-in capital metrics before their next fundraising cycles, Nath said. 

 

Nearly 90 per cent of the capital raised for the new fund was from local family offices and high net worth individuals, Nath said. 

“People love the late stage aspect, the entry valuations where there’s been some correction, and they love the fast uptick,” Nath said. Several companies the fund invested in are now in their next fundraising rounds or in the process of filing for IPOs, he said, adding they are in the tech, health care, consumer and financial services industries.

360 One’s asset management business has $3 billion invested across private equity and venture capital strategies. 

Bain Capital in 2022 bought a nearly 25 per cent stake in 360 One, which used be called IIFL Wealth Management, paying the equivalent of about $485 million at the time. The Mumbai-headquartered firm has around $63 billion in total assets under management, according to its website, and its shares have more than doubled in value over the past two years.