IIFL Asset Management, one of India’s leading alternative asset management firms, has acquired TrueScale Capital, an emerging leader in the Series B and C venture growth segment. Following this, TrueScale will transfer the funds under its management along with sponsorship to IIFL AMC and its associate entities.

IIFL AMC has a private equity business with an AUM of about $3 billion and overall alternative assets and public market mandates of over $7 billion. The transaction will enhance the AMC’s private market platform, which extends from mid-stage to late-stage venture capital to growth equity to pre-IPO investments.

Over the past six years, IIFL AMC has backed several market-leading companies with a focus on technology, consumer, financial services and healthcare industries. The diversified portfolio includes more than 25 unicorns.