360 ONE Asset Management, formerly known as IIFL Asset Management Ltd, has raised $500 million for its first secondary fund just three months after its launch. The firm expects to hit a final close in a few weeks.
The fund has made six investments so far. It is intending to make 20 such investments. In May, the firm said it has a robust deal pipeline spanning secondary-led pre-IPOs, single and multi-asset secondary deals, and special situations.
Nearly 90% of the capital raised for the new fund was from local family offices and high-net-worth individuals, Bloomberg reported, citing a conversation with Sameer Nath, chief investment officer at 360 ONE Asset Management.
360 ONE Asset, part of the 360 ONE group, is one of India’s largest alternate asset managers with overall alternates AUM and public market mandates of more than $8.5 billion. 360 ONE private equity funds have invested in 101 companies, including 30 unicorns.
Last year, 360 ONE raised $258 million (Rs 2,130 crore) for its largest credit fund to date, exceeding its initial target of Rs 1,500 crore. Previously, 360 ONE also acquired a controlling stake in the investment platform Mumbai Angels Network. Following the deal, the investment platform has also launched two funds to back early-stage startups.
Its portfolio companies in India include dermatology and dental solutions startup makeO; ANAROCK, the Indian independent real estate consultancy; CoreEL Technologies, which designs, manufactures, and supplies advanced electronic products and systems to the Indian aerospace and defense industry; Disprz, a corporate learning and skilling platform; and data analytics company Course5 Intelligence.
