TPG Capital is in discussions to acquire a minority stake of up to 20% in Indian securities firm IIFL Capital Services which due diligence currently taking place, according to a report by Reuters citing people familiar with the matter.
The transaction would reportedly position TPG as a strategic investor with potential influence over management decisions. They mark the latest foreign private equity interest in India’s financial services sector.
India’s Economic times earlier reported that the firm was considering a larger investment of 30% to 40%, valuing the deal at between 36.4bn rupees ($404m) and 48.5bn rupees ($539m).
The investment comes as IIFL Group looks to expand into new areas including alternative investment funds, private credit, and wealth management. India’s wealth management industry is forecast to grow rapidly, with assets under management expected to increase to $2.3tn by the 2028–2029 financial year, from $1.1tn in 2023-34, according to Deloitte.
