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Alternate asset management firm IIFL Asset Management (IIFL AMC) has acquired TrueScale Capital, an emerging leader in the Series B and C venture growth segment. 

TrueScale Capital will transfer the funds it manages along with sponsorship to IIFL AMC and its associate entities. Founder and Managing Partner Sameer Nath will join IIFL AMC as Chief Investment Officer (CIO) and Head of Venture Capital and Private Equity.

“I am thrilled to partner with Karan, Anup, and the team to guide the platform’s next phase of growth,” Sameer said. “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 Capital complements IIFL AMC’s mid-stage venture track record and the integrated offering is well-positioned to lead this important market segment, said the companies in the statement. 

The proposed transaction will enhance IIFL AMC’s unique private market platform, which extends from mid-stage to late-stage venture capital to growth equity to pre-IPO investments, it further added. 

IIFL AMC has over AUM of approximately $3 billion and overall alternate assets and public market mandates of more than $7 billion. 

Over the past six years, IIFL AMC has more than 25 unicorns under its portfolio. 

“Venture capital and private equity is a young business within IIFL AMC, which has witnessed significant organic growth, observed Karan Bhagat, Founder and CEO of 360 ONE (earlier known as IIFL Wealth and Asset Management). “The business will be fortified by seasoned leadership along with the strong existing team. I have known Sameer for 18 years and believe that he has the ideal caliber and expertise to steer this unique platform towards sustained market leadership,” .