Fairfax-backed IIFL Wealth hires Investcorp exec to lead PE biz

 Fairfax-backed IIFL Wealth hires Investcorp exec to lead PE biz

Anshuman Goenka, head of private equity, IIFL Wealth

IIFL Wealth and Asset Management said Monday it has named Anshuman Goenka the head of its private equity vertical with immediate effect.

Goenka will spearhead the company’s PE practice and identify new growth opportunities for the business in the unlisted space, IIFL Wealth said in a statement.

He has earlier worked with Bahrain-based alternative investment firm Investcorp, where he led investments in healthcare and financial services sectors. Goenka joined Investcorp in 2019 from IDFC Private Equity, where he was a director.

Previously, he has worked with Standard Chartered PE and Baer Capital Partners. He started his career in management consulting with Boston Consulting Group and Accenture.

He holds a postgraduate degree in economics from the University of Cambridge, a Master’s degree in Business Administration from the Indian School of Business (ISB) and a Bachelor of Arts from St Stephen’s College, Delhi.

Karan Bhagat, founder, MD and CEO of IIFL Wealth, said Goenka’s experience across multiple business cycles, wide range of sectors, a strong network in the deal ecosystem and thought leadership will add value to the company.

IIFL Wealth is part of Mumbai-based financial services provider IIFL Group. It advises more than 6,700 wealthy families with aggregate assets of more than $38 billion under management. It has more than 800 employees.

The Mumbai-listed company counts private equity firm General Atlantic and Canadian investment firm Fairfax among its key investors. General Atlantic held a 21.17% stake and Fairfax owned 18.36% at the end of June.

IIFL Asset Management is a part of IIFL Wealth and offers a range of products such as mutual funds, portfolio management services and alternative investment funds. IIFL Private Equity is a part of IIFL Asset Management and has been active in the PE ecosystem since late 2015. It manages assets of more than $2 billion from early stage to late-stage investments across consumer, technology, financial services and healthcare sectors.

Sumit Upadhyaya

The Capital Quest