IIFL AMC joins TrueScale Capital with Sameer Nath leading alternative business
- ByStartupStory | January 13, 2023
In order to combine their venture capital and private equity operations, IIFL Asset Management (IIFL AMC) and mid-stage investment company TrueScale Capital have formed a corporation. “TrueScale Capital, an emerging leader in the Series B and C venture growth segment, has entered into an agreement with IIFL AMC to transfer the funds it manages, along with sponsorship, to IIFL AMC and its associate entities,” IIFL AMC said in a statement.
“There is no financial transaction and only the investment manager changes. IIFL AMC will be the investment manager tapping on to the venture capital business of TrueScale,” said a person close to the matter.
The planned purchase is projected to strengthen IIFL AMC’s private market platform, which includes mid-stage, late-stage, growth equity, and pre-IPO investments in venture capital.
Private equity firm IIFL AMC manages roughly $3 billion in assets under management (AUM) and more than $7 billion in total alternate assets and public market mandates. TrueScale, a company focused on consumer and enterprise technology, was established in 2021. AUM for TrueScale was unavailable to determine.
Following the transaction, Sameer Nath, the founder and managing partner of TrueScale, will become the chief investment officer (CIO) and head of venture capital and private equity at IIFL AMC. To oversee the platform, he will collaborate alongside Anup Maheshwari, co-founder and CIO of IIFL AMC and head of listed equity, and Karan Bhagat, founder and CEO of 360 ONE (formerly known as IIFL Wealth and Asset Management).
Nath launched the mid-stage-focused investment company TrueScale Capital in early 2021 with the intention of making Series B and C investments in consumer and enterprise technology companies. It made its first investment in medical technology company Axio Biosolutions in July 2021, leading a $6 million round. Nath had previously worked as a managing director and senior investment banker at Citigroup and had co-founded Iron Pillar, a venture capital business that focuses on consumer technology, before co-founding TrueScale.
“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,” Nath said.
With a concentration on the technology, consumer, financial services, and healthcare industries over the past six years, IIFL AMC has backed a number of market-leading businesses. There are more than 25 unicorns in the portfolio.
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