IIFL Wealth Management Ltd. (IIFL Wealth), on Monday, said that it acquired majority stake in India Alternatives Investment Advisors Private Ltd. (India Alt), the investment manager to India Alternatives Private Equity Fund (India Alt Fund) for an undisclosed sum.

India Alt Fund, a private equity fund registered with SEBI, is a distinctive private equity fund with an initial commitment of Rs.230 crore that invests primarily in mid growth stage companies.

Shivani Bhasin Sachdeva, Founder, MD & CEO will continue to manage the India Alt Fund, under IIFL Wealth, said IIFL in a release here. IIFL Wealth Management Ltd. is the private wealth management arm of IIFL Group.

“This acquisition will enable IIFL Group to widen its presence in the PE industry and provide an added offering under the asset management platform,” said Nirmal Jain, Chairman of IIFL Group.

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