Alternative Investment

The Capital Quest | Iron Pillar co-founder to head IIFL’s PE-VC biz; 360 One to house TrueScale Capital

IIFL Asset Management (IIFL AMC), one of India’s leading alternative asset management firms, said Thursday it has inked an agreement to manage the funds of TrueScale Capital, a two-year-old mid-stage venture and growth capital investor.

TrueScale, which focuses on Series B and C venture growth segment, will transfer the funds it manages, along with sponsorship, to IIFL AMC and its associate entities. This would boost the capabilities and assets under management of IIFL AMC, which has a private equity business with an AUM of approximately $3 billion and overall alternative assets and public market mandates of more than $7 billion.

IIFL AMC has a presence across mid-stage to late-stage venture capital to growth equity to pre-IPO investments. Over the past six years, IIFL AMC has backed several companies with a focus on technology, consumer, financial services and health care industries. The diversified portfolio includes more than 25 unicorns.

Following the proposed transaction, TrueScale Founder and Managing Partner Sameer Nath will join IIFL AMC as Chief Investment Officer (CIO) and Head of Venture Capital and Private Equity. He will partner with Karan Bhagat, Founder and CEO of 360 ONE (earlier known as IIFL Wealth and Asset Management), and Anup Maheshwari, Co-founder and CIO of IIFL AMC and Head of Listed Equity, to grow the platform.

This leadership role will include sharpening fund investment strategies and deal sourcing, engaging actively with portfolio companies, recruiting and mentoring top talent, and deepening and expanding investor relationships and strengthening fund performance.

Nath brings 24 years of experience across private market investing, M&A, capital markets, entrepreneurship and management. Prior to founding TrueScale in 2020, Nath co-founded Iron Pillar, another mid-stage VC firm, in 2016.

Previously, he was an investment banker for 15 years (six of them as a managing director), all with Citigroup, in New York, Mumbai and Singapore.

“Venture capital and private equity is a young business within IIFL AMC, which has witnessed significant organic growth. The business will be fortified by seasoned leadership along with the strong existing team,” said Bhagat.

Nath added: “I have been very impressed with the scale and potential of IIFL AMC’s venture capital and private equity platform. 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.”

TrueScale had announced its maiden investment in July 2021, when it led a $6 million Series B2 equity raise in Axio Biosolutions, a medtech company. The round also saw participation from existing investors, Omidyar Network India, University of California–Ratan Tata Fund, and Accel.

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