IIFL Wealth and Asset Management, backed by Fairfax, has announced the appointment of Aakash Desai as Head of Private Credit for its IIFL Asset Management arm (IIFL AMC).
In this role, Desai will lead the private credit practice and be responsible for identifying growth opportunities to increase the scale and profitability of the business, the company said.
An alumnus of Narsee Monjee Institute of Management Studies, Mumbai, Desai brings over 20 years of experience in corporate finance and capital markets, primarily in creating and structuring credit solutions for clients.
Prior to joining IIFL AMC, Desai worked with Clix Capital (formerly GE Capital) since July 2017. Prior to that, he worked for over four years at Standard Chartered Bank and spent nearly a cumulative decade at ICICI Bank, India and ICICI Bank, UK.
“Aakash will play a key role in developing and managing investments in IIFL AMC’s existing and proposed credit funds. We are confident that his demonstrated ability to manage the full credit lifecycle will be a tremendous asset in this exciting venture,” said Karan Bhagat, Founder, Managing Director and CEO, IIFL Wealth and Asset Management.
“I strongly believe that the alternative asset management segment in India will see tremendous growth and IIFL AMC is very well positioned to seize this massive opportunity,” Desai said.
IIFL AMC is part of the IIFL Wealth and Asset Management business of IIFL Group, a Mumbai-based financial services provider, which advises over 6,700 HNIs (High Net Worth Individuals) and High Net Worth Families managing Global Assets Under Management (AUM) over of 44 billion dollars (Rs 3.29). lakh crore)
IIFL Wealth Management Ltd counts private equity firm General Atlantic and Canadian investment firm Fairfax among its main investors. At the end of December 2021, General Atlantic held a 21% stake and Fairfax held a 13.64% stake.
Last year, the company hired Anshuman Goenka to lead its private equity business.
In February last year, True North recruited former KKR managing director Singhal to lead its credit vertical. Ruben Chheda, formerly at Piramal Capital, also joined the founding team of True North Private Credit.
Amrish Singh, formerly at Lone Star, has also joined Japan’s largest investment bank, Nomura, to expand its private credit business in India.
Meanwhile, Sanctum Wealth Pvt Ltd, backed by Xander Group, also plans to expand its business into private structured credit in the real estate segment.