IIFL Asset Management today announced the launch of an alternative investment fund (AIF) that will focus on backing professional entrepreneurship. The company is aiming to raise around Rs 1,200-1,500 crore through the new fund- IIFL India Private Equity Fund - a close-ended Sebi-registered Category II AIF.
The fund is designed to back professionals with a strong execution track record and provide capital to such professional entrepreneurs both at seed and growth stage, IIFL AMC said in a statement. It will target experienced professionals who have hunger to create something big by leveraging their experience and networks, it said.
"Historically, the available pool of capital was mostly foreign private equity capital. IIFL India Private Equity Fund is perhaps one of the first home-grown funds to back Indian professionals who have entrepreneurial aspirations," CEO Amit Shah said. The asset management company said the new fund will focus on professional entrepreneurs who are ready to ride the mega trend in fast-growing sectors like financial services, consumer, healthcare and technology.
"This is a unique fund which will enable large investors, HNIs and family offices to participate in this journey of professional entrepreneurship in an organised and focused manner. "We will use experience and expertise, to guide the professional entrepreneurs through the entire value chain including strategy, operations, financial discipline and corporate governance," CIO Prashasta Seth said.