TrueScale Capital to transfer funds to IIFL Asset Management

TrueScale Capital, which operates in the Series B and C venture growth segment, has agreed to transfer the funds it manages, along with sponsorship, to alternate asset management firm IIFL Asset Management and its associate entities.

TrueScale's Founder and Managing Partner Sameer Nath will join IIFL AMC as Chief Investment Officer and Head of Venture Capital and Private Equity.

The proposed transaction will enhance IIFL AMC’s private market platform that extends from mid- and late-stage venture capital to growth equity and pre-IPO investments, the companies said in a statement.

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IIFL AMC has about $3 billion in assets under management, and overall alternate assets and public market mandates of more than $7 billion. 

Over the past six years, IIFL AMC has had more than 25 unicorns, or startups worth at least a billion dollars, in its portfolio. 

“Venture capital and private equity is a young business within IIFL AMC, which has witnessed significant organic growth," said Karan Bhagat, Founder and CEO of 360 ONE (earlier known as IIFL Wealth and Asset Management).

(The article was updated after the companies clarified that only AUMs under the TrueScale fund would move to IIFL AMC, and that IIFL AMC was not acquiring TrueScale.)