Mumbai, January 12, 2023: IIFL Asset Management (IIFL AMC), one of India’s leading alternates asset management firms, today announced a transaction with TrueScale Capital. IIFL AMC has a premier private equity business with an AUM of approximately US$3 billion and overall alternate assets and public market mandates of more than US$7 billion. TrueScale Capital, an emerging leader in the Series B and C venture growth segment, has entered into an agreement with IIFL AMC to transfer the funds it manages, along with sponsorship, to IIFL AMC and its associate entities.
TrueScale Capital complements IIFL AMC’s Mid-Stage Venture track record and the integrated offering is well-positioned to lead this important market segment. The proposed transaction will enhance IIFL AMC’s unique private market platform, which extends from Mid-Stage to Late-Stage Venture Capital to Growth Equity to Pre-IPO investments. Over the past six years, IIFL AMC has backed several market-leading companies with a focus on technology, consumer, financial services and health care industries. The diversified portfolio includes more than 25 unicorns.
Following the proposed transaction, TrueScale Capital’s Founder and Managing Partner Sameer Nath, will join IIFL AMC as Chief Investment Officer (CIO) and Head of Venture Capital & Private Equity. He will partner with Karan Bhagat, Founder and CEO of 360 ONE (earlier known as IIFL Wealth and Asset Management) and Anup Maheshwari, Co-founder and CIO of IIFL AMC and Head of Listed Equity, to grow this US$3 billion platform. This leadership role will include sharpening fund investment strategies and deal sourcing, engaging actively with portfolio companies, recruiting and mentoring top talent, deepening and expanding investor relationships and strengthening fund performance.
Sameer Nath brings 24 years of experience across private market investing, M&A, capital markets, entrepreneurship and management. Over the last two years, Sameer has been guiding TrueScale Capital on its fundraising and investment journey. Prior to founding TrueScale Capital in 2020, Sameer co-founded Iron Pillar in 2016. Previously, Sameer was an investment banker for 15 years (6 of them as a managing director), all with Citigroup, in New York, Mumbai and Singapore. He helped Citi build market-leading franchises in M&A in India, and Technology in India and globally.
“I am delighted to welcome TrueScale Capital to the 360 ONE family. Venture capital and private equity is a young business within IIFL AMC, which has witnessed significant organic growth. The business will be fortified by seasoned leadership along with the strong existing team. I have known Sameer for 18 years and believe that he has the ideal caliber and expertise to steer this unique platform towards sustained market leadership,” observed Karan Bhagat.
Sameer Nath added: “I have been very impressed with the scale and potential of IIFL AMC’s venture capital and private equity platform. It is truly differentiated in India’s private market. I am thrilled to partner with Karan, Anup and the team to guide the platform’s next phase of growth. Additionally, this combination represents an exciting outcome for TrueScale Capital as the integrated offering under IIFL AMC is well-equipped to be a leader in India’s Mid-Stage Venture segment.”
The proposed transaction is subject to applicable legal and regulatory approvals.
About IIFL AMC: IIFL AMC is India’s leading alternates-focused and public markets-focused firm, offering products across multiple asset classes. With deep domain knowledge, a strong understanding of the Indian markets and a highly experienced investment team, IIFL AMC is focused on creating the right risk-adjusted alpha for investors. IIFL AMC manages an AUM of more than INR 55,000 crores across key strategies including listed equity, private equity, structured credit and real estate. The sizeable and growing asset management business is the market leader in alternatives and an important pillar of the 360 ONE group (earlier known as IIFL Wealth and Asset Management), growing independently but also synergistically. IIFL AMC’s differentiated product suite includes alternative investment funds (AIFs), portfolio management services (PMS) and mutual funds (MFs) spanning across asset classes of public and private equity, fixed income and real estate. IIFL AMC has been playing a pivotal role in the growth of the AIF industry in India. The AMC is part of 360 ONE, earlier known as IIFL Wealth & Asset Management, which is India’s leading wealth and alternates asset manager with total AUM of more than US$40 billion and a presence in 27 domestic and international locations.
About TrueScale Capital: TrueScale Capital is a venture growth specialist targeting the Series B and C corridor in India. Headed by Sameer Nath, Co-founder, Iron Pillar, and Karan Ahuja, the TrueScale Capital team is proven, bringing relevant technology investing and growth expertise. Based in Mumbai and Bengaluru, TrueScale Capital partners with tested founders who are demonstrating meaningful revenue and growth in large target markets in a capital-efficient manner and with leading early stage investors, leveraging trusted relationships. TrueScale Capital invests in both consumer technology companies digitizing consumption in India and enterprise technology companies building products for the world from India.
