Deal size worth USD 60 million
In May 2017, fund bought 1.59% stake in ICICI Lombard General Insurance
Mumbai, August 16, 2017: IIFL Special Opportunities Fund and its Series 2 and Series 3 by IIFL Asset Management Ltd. have collectively acquired 2.59% of paid up equity share capital of Reliance Nippon Life Asset Management Limited, through secondary market purchase. The stake was acquired for 60 Million USD.
The Reliance AMC deal is another significant deal by IIFL Special Opportunities Fund. Earlier in the month of May 2017, the fund had picked up 1.59% stake in private insurance company, ICICI Lombard General Insurance.
Mr. Prashasta Seth, CIO of IIFL Asset Management Business said, “Reliance Nippon Life Asset Management Ltd. (RNLAM) is going through an exciting phase and we are thrilled to be a part of their growth trajectory. The mutual fund industry’s Assets under management have doubled to Rs. 20 trillion in less than three years and we believe RNLAM is well-positioned to ride this wave.”
Mr. Amit Shah, CEO of IIFL Asset Management Business said, “The IPO market has been rewarding for the right kind of companies. The size of our fund, our due diligence and research have helped us pick up stake in ICICI Lombard and recently Reliance AMC. We have garnered a commitment of around Rs. 4,300 crore from our funds and could be well on our way to be a billion dollar domestic fund making it one of the biggest AIFs in India so far.”
IIFL Special Opportunities Fund Series is a close-ended scheme under Category II Alternative Investment Fund (AIF). The fund seeks to generate long-term capital appreciation through investment in equity and equity-related instruments of to-be listed companies.
About IIFL Asset Management Limited
IIFL Asset Management Ltd. is part of IIFL Investment Managers (formerly IIFL Wealth & Asset Management Ltd). IIFL AMC is an India-focused global asset management firm, launched with an objective of providing differentiated investment products suited for the market environment. IIFL AMC offers dual capabilities in onshore and offshore asset management. The AMC’s differentiated suite includes mutual funds, alternative investment funds and venture capital funds spanning across public and private equities, fixed income securities and real estate. Its distinctive products bring out the entrepreneurial edge, agility and speed of execution of a boutique asset management firm.
About IIFL Asset Management Business
IIFL Asset Management Business refers to licensed asset management activity carried out by IIFL Investment Managers through its group companies based in Singapore, India and Mauritius; including IIFL Asset Management Limited.