Bain Capital to acquire 24.98 pc stake in IIFL Wealth for Rs 3,679 crore

Private equity firm Bain Capital on Thursday said it will acquire a 24.98 per cent stake in IIFL Wealth Management Limited for Rs 3,679 crore. BC Asia Investments X Limited, a subsidiary of Bain Capital, has proposed to pick up a 2.2 crore stake held by General Atlantic Singapore Fund Pte Ltd and FIH Mauritius Investments Ltd, a wholly-owned subsidiary of Fairfax India Holdings Corporation in IIFL Wealth Management Limited (IIFLWAM).

A share purchase agreement was executed on March 30, 2022, with General Atlantic Singapore Fund and FIH Mauritius Investments. The transaction is subject to regulatory and other customary approvals, IIFLWAM said in a regulatory filing. IIFLWAM is one of the wealth and alternative asset managers in India, with USD 44 billion in assets as of December 31, 2021.

Founded by first-generation entrepreneurs Karan Bhagat and Yatin Shah in 2008, the company has grown into a financial services group, serving the highly specialised and sophisticated needs of high net worth and ultra-high net worth individuals, family offices, and institutions through a comprehensive range of tailored solutions, ranging across wealth management, asset management, lending solutions and estate planning.