India's IIFL Asset Management merges with Truscale

IIFL will assume control of all funds managed by TrueScale as well as the sponsor entities, according to a statement. The goal is to expand a platform that already stretches from mid-stage venture capital through growth equity to pre-IPO rounds and has assets under management (AUM) of approximately USD 3bn.

Nath will become CIO and head of venture capital and private equity at IIFL AMC, working alongside Karan Bhagat, founder and CEO of 360 One – the parent company, formerly known as IIFL Wealth & Asset Management – and Anup Maheshwari, co-founder and CIO of IIFL AMC and head of listed equity.

In 2021, IIFL AM recruited Anshuman Goenka from Investcorp to serve as head of private equity. He lasted less than a year, returning to Investcorp last July.

Nath, an ex-Citigroup banker, founded Iron Pillar with Anand Prasana, formerly of Morgan Creek Capital Management, and Mohanjit Jolly, previously of Draper Fisher Jurvetson, in 2015. He departed to launch TrueScale in 2021, accompanied by three Iron Pillar colleagues, including CFO Sameer Sheth. Karan Ahuja, who formerly advised a family office on tech investments, joined as a principal.

TrueScale is a specialist Series B and C investor, targeting both consumer technology and enterprise technology opportunities. Bhagat noted that venture capital and private equity is a relatively young business within IIFL AMC and that Nath and his team are capable of steering the platform towards sustained market leadership.

360 One has more than USD 40bn in AUM and offers wealth management, alternate asset management, lending solutions, and estate planning to high net worth individuals (HNWIs) and ultra HNWIs. Last year, Bain Capital paid INR 33.8bn (USD 416m) for a 24.98% stake in the business, taking out positions held by General Atlantic and Fairfax India Holdings.

IIFL AMC covers listed equity, private equity, structured credit, and real estate, with INR 550bn (USD 6.8bn) across all strategies. Last year, the firm launched its latest pre-IPO fund – designated Series 9 and 10 – with a target of INR 40bn. It wanted to source capital from global institutional investors and family offices as well as HNWIs.

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Save this article  
• Send to  

• Topics
• South Asia
• GPs
• Technology
• India
• M&A
• IIFL Private Equity
• IIFL Wealth Managment
• TrueScale Capital