Bain Capital, a leading global private multi-asset alternative investment firm on March 31 announced that it has agreed to acquire 24.98 percent equity stake in IIFL Wealth Management from General Atlantic Singapore Fund and FIH Mauritius Investments, a wholly-owned subsidiary of Fairfax India Holdings Corporation.
The transaction is subject to regulatory and other customary approvals.
Karan Bhagat, Managing Director and Chief Executive Officer, IIFLWAM, said: “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.”
As on December 31, 2021, IIFL Wealth's assets under management stood at ~$44 billion. It was founded by first generation entrepreneurs, Karan Bhagat, MD & CEO, IIFL Wealth and Yatin Shah, Joint-CEO, IIFL Wealth, in 2008.