Key Takeaways
- • IIFL Capital Asset Management raised around Rs 500 crore in capital commitments at the first close of its maiden late-stage private equity fund, according to a company statement reported by PTI.
- • The IIFL Late-Stage Private Equity Fund targets a corpus of Rs 1,000 crore with a greenshoe option of an additional Rs 1,000 crore, with final close targeted within nine months of the first close.
- • The fund has committed investments in two companies and is evaluating a pipeline of 7-8 opportunities, ranging from term-sheet negotiations to deals under due diligence.
- • Target investees must rank among the top three to five players in their categories, have EBITDA of at least Rs 75-100 crore at investment, and intend to pursue an IPO within three years, with average deal sizes expected at Rs 50-100 crore.
- • The first close comes amid a revival in India's primary market, with 35 mainboard IPOs in July and August 2026 and foreign portfolio investors returning as net buyers.
Summary
IIFL Capital Asset Management Ltd said on Wednesday that it has raised around Rs 500 crore in capital commitments at the first close of its maiden late-stage private equity fund, the IIFL Late-Stage Private Equity Fund. The first close was achieved on September 15, 2026, and the fund will remain open for subscriptions, with the final close targeted within the next nine months, the company said in a statement.
The fund targets a corpus of Rs 1,000 crore, with a greenshoe option of an additional Rs 1,000 crore. It will focus on sectors expected to grow at 15-18 per cent annually. Potential investee companies should rank among the top three to five players in their respective categories, have earnings before interest, taxes, depreciation and amortisation (EBITDA) of at least Rs 75-100 crore at the time of investment, and intend to pursue an IPO within three years. The average deal size is expected to be Rs 50-100 crore.
Deepak Mittal, Chief Investment Officer and Head of Private Equity at IIFL Capital Asset Management, said the fund has already committed investments in two companies and is evaluating a pipeline of 7-8 opportunities, ranging from term-sheet negotiations to transactions under due diligence. He said the first close marks the point at which the fund moves from a proposition to a portfolio, and thanked investors for their confidence in a volatile global environment.
The first close comes amid a revival in India's primary market. According to the company, July and August 2026 together saw 35 mainboard initial public offerings, following a subdued April-June quarter, while foreign portfolio investors returned as net buyers, including through IPOs.
The fund targets a corpus of Rs 1,000 crore, with a greenshoe option of an additional Rs 1,000 crore. It will focus on sectors expected to grow at 15-18 per cent annually. Potential investee companies should rank among the top three to five players in their respective categories, have earnings before interest, taxes, depreciation and amortisation (EBITDA) of at least Rs 75-100 crore at the time of investment, and intend to pursue an IPO within three years. The average deal size is expected to be Rs 50-100 crore.
Deepak Mittal, Chief Investment Officer and Head of Private Equity at IIFL Capital Asset Management, said the fund has already committed investments in two companies and is evaluating a pipeline of 7-8 opportunities, ranging from term-sheet negotiations to transactions under due diligence. He said the first close marks the point at which the fund moves from a proposition to a portfolio, and thanked investors for their confidence in a volatile global environment.
The first close comes amid a revival in India's primary market. According to the company, July and August 2026 together saw 35 mainboard initial public offerings, following a subdued April-June quarter, while foreign portfolio investors returned as net buyers, including through IPOs.
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