Bain Capital-IIFL Wealth Deal: All you need to know about the stake sale

Global private multi-asset alternative investment firm, Bain Capital, has announced that it has agreed to acquire 24.98% equity stake in wealth and asset management firm, IIFL Wealth Management Limited (“IIFLWAM”) from General Atlantic Singapore Fund Pte. Ltd. and FIH Mauritius Investments Ltd, a wholly-owned subsidiary of Fairfax India Holdings Corporation.

The transaction is subject to regulatory and other customary approvals, as per an official statement.

IIFL Wealth Management Ltd (IIFLWAM) has with ~USD 44 billion in assets (as on December 31, 2021). 

Commenting of the acquisition deal, Karan Bhagat, Managing Director and Chief Executive Officer, IIFLWAM, said: “Since our inception 13 years ago, we continue to service our clients with unflinching commitment to innovation, consistency, transparency as well as to provide a trusted platform for all their Wealth and Asset Management needs. 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”.

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. We look forward to working with the team on the next phase of IIFL Wealth’s growth journey.”

J.P.Morgan acted as the exclusive sell-side financial advisor on the transaction. Axis Capital and NovaDhruva acted as financial advisors to Bain Capital.