TrueScale Capital to combine with IIFL Asset Management

Indian asset management firm IIFL AMC on Thursday announced that venture growth fund TrueScale Capital will combine with the company.

Following this, TrueScale will transfer the funds under its management along with sponsorship to IIFL AMC and its associate entities.

IIFL AMC has a private equity business with an AUM of about $3 billion and overall alternative assets and public market mandates of over $7 billion.

"The transaction will enhance the AMC’s private market platform, which extends from mid-stage to late-stage venture capital to growth equity to pre-IPO investments," it said in a statement.

With a concentration on the technology, consumer, financial services, and healthcare areas over the past six years, IIFL AMC has supported several market-leading businesses. The diversified portfolio includes more than 25 unicorns, it said.

Additionally, the founder and managing partner of TrueScale Capital, Sameer Nath, has also joined IIFL AMC as chief investment officer (CIO) and head of venture capital and private equity, according to the company.

Sameer Nath said, "I have been very impressed with the scale and potential of IIFL AMC’s venture capital and private equity platform. It is truly differentiated in India’s private market. I am thrilled to partner with Karan, Anup and the team to guide the platform’s next phase of growth."

"Additionally, this combination represents an exciting outcome for TrueScale Capital as the integrated offering under IIFL AMC is well-equipped to be a leader in India’s Mid-Stage Venture segment," he added.