Announcement
IIFL Capital Asset Management Limited announced that its maiden IIFL Late‑Stage Private Equity Fund completed its first close on 15 September 2026, securing approximately ₹500 crore of capital commitments from investors.
Fund Target and Structure
The fund aims to raise a total corpus exceeding ₹1,000 crore and has a greenshoe option for an additional ₹1,000 crore. It will remain open for subscription after the first close and intends to achieve its final close within the next nine months.
Investment Mandate
The fund will invest in scaled‑up, profitable Indian enterprises that are preparing for a near‑term public listing. Target sectors include integrated security‑as‑a‑service, railway and wind‑energy components, specialty chemicals, defence equipment, IT‑enabled services, pre‑engineered buildings and consumer technology. Companies must rank among the top three to five players in their category, exhibit an annual growth rate of 15‑18 %, have EBITDA of at least ₹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 between ₹50 crore and ₹100 crore.
Deal Pipeline
Two transactions have already been committed, and a pipeline of seven to eight additional deals is under evaluation, ranging from term‑sheet negotiations to diligence phases.
Market Context
The first close occurs amid a revival of India’s primary market: July‑August 2026 saw 35 main‑board IPOs, and foreign portfolio investors returned as net buyers, including through IPO participation. Real GDP grew 7.8 % in Q1 FY27, while gross fixed capital formation rose 11.9 %, supporting the sectors targeted by the fund.
Management Comment
Mr. Deepak Mittal, Chief Investment Officer and Head – Private Equity at IIFL Capital Asset Management Limited, said the first close moves the fund from a proposition to a portfolio and expressed confidence in the fund’s capability to back high‑quality, scaled enterprises on their path to public markets.
Regulatory and Organizational Details
IIFL Capital Asset Management Limited (formerly IIFL Securities Alternate Asset Management Limited) is registered with SEBI as an Alternative Investment Fund manager (IN/AIF3/19‑20/0770, IN/AIF2/21‑22/088), Investment Adviser (INA000019956) and Portfolio Manager (INP000009445). Its registered office is Ground Floor 01, Hubtown Solaris, Saiwadi, N S Phadke Road, Andheri East, Mumbai 400069. IIFL Capital Services Ltd (formerly IIFL Securities Ltd) (NSE: IIFLCAPS, BSE: 542773) is a key capital‑market player offering broking, wealth management, financial product distribution, institutional broking, research and investment banking services.
Disclaimer
The press release is for information purposes only and does not constitute an offer to sell or a solicitation to buy any units of the fund. Investments in alternative investment funds are subject to market and other risks, including loss of capital. Investors should read the Private Placement Memorandum, including risk factors, before investing. SEBI registration, BSE enlistment and NISM certification do not guarantee performance or returns. Past performance is not indicative of future results.