360 ONE Asset Management, formerly known as IIFL Asset Management Ltd, has launched a Rs 4,000-crore ($480.2 million) secondary fund—a vehicle that acquires existing stakes in private equity or other investment funds from current investors seeking liquidity.
“Over the last decade, $360 billion has been invested in Indian venture capital and private equity, with only $160 billion remaining. This leaves $200 billion seeking liquidity. The critical questions are: How many of these companies will go public? How many will have an M&A outcome? And how many will need a secondary solution?” Sameer Nath, CIO & Head – PE & VC, 360 ONE Asset, said.
“This scenario highlights the significant momentum for 360 ONE Asset’s secondary fund, positioning it as a key player in providing liquidity solutions in a market with substantial unmet demand.” Nath added.
The fund has made six investments so far and has a robust deal pipeline spanning secondary-led pre-IPOs, single and multi-asset secondary deals, and special situations, the firm said.
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. Overall, 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 defence industry; Disprz, a corporate learning and skilling platform; and data analytics company Course5 Intelligence.
