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Bain Capital to acquire nearly 25% stake in IIFL Wealth

Private equity fund Bain Capital edges out other global rivals to buy a 25% stake in IIFL Wealth. GA Atlantic and Fairfax are the selling shareholders.

March 31, 2022 / 07:34 AM IST
 
 
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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.

The company manages wealth and assets of high net worth and ultra-high net worth individuals, family offices.

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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.”

JP 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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Moneycontrol News
first published: Mar 31, 2022 07:20 am
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