IIFL Capital Asset Management Limited has completed the first close of its maiden private equity fund, securing aggregate capital commitments of approximately ₹500 crore.
The IIFL Late-Stage Private Equity Fund is the first fund launched under the company’s private equity platform. It will focus on investing in established, profitable Indian businesses preparing for potential stock market listings in the near term.
Fund Targets ₹1,000 Crore Corpus With Additional Expansion Option
The fund is targeting a total corpus of ₹1,000 crore, with a greenshoe option that could allow it to raise an additional ₹1,000 crore.
Subscriptions will remain open following the first close, with the fund aiming to complete its final close within the next nine months.
According to the fund’s strategy, a larger capital base would enable it to invest in sizeable, established companies approaching the pre-initial public offering (IPO) stage.
Investment Pipeline Covers Multiple Industries
The fund has identified potential investment opportunities across several sectors of the Indian economy.
Its diversified pipeline includes integrated security-as-a-service businesses, railway and wind energy components, specialty chemicals, defence equipment, IT-enabled services, pre-engineered buildings and consumer technology.
Fund Sets Profitability and Market Position Requirements
The fund intends to invest in companies that rank among the top three to five players in their respective categories.
Potential investee companies are expected to have earnings before interest, taxes, depreciation and amortisation (EBITDA) of at least ₹75 crore to ₹100 crore at the time of investment. They should also intend to pursue an IPO within three years.
The average investment is expected to range between ₹50 crore and ₹100 crore per transaction.
Deepak Mittal to Lead Private Equity Platform
The private equity platform is led by Deepak Mittal, Chief Investment Officer and Head of Private Equity at IIFL Capital Asset Management Limited.
The fund’s investment strategy centres on backing profitable, scaled-up Indian enterprises that are preparing to access public markets.
IIFL Capital Provides Financial Services
IIFL Capital Asset Management Limited operates as the asset management arm of IIFL Capital.
IIFL Capital Services, formerly known as IIFL Securities Limited, is listed on the National Stock Exchange under the ticker IIFLCAPS and on the Bombay Stock Exchange under code 542773.
The company offers broking, wealth management, financial product distribution, institutional broking, research and investment banking services.
The fund announcement was reported by VCWire on 23 October 2026.
