Fairfax-backed IIFL Wealth and Asset Management announced the appointment of Aakash Desai as the Head of Private Credit for its IIFL Asset Management (IIFL AMC) arm.
In this role, Desai will spearhead the Private Credit practice, and will be responsible for identifying growth opportunities to augment scale and profitability in the business, the company said.
An alumnus of Narsee Monjee Institute of Management Studies, Mumbai, Desai brings in over 20 years of experience in corporate finance and capital markets, predominantly in originating and structuring credit solutions to clients.
Prior to joining IIFL AMC, Desai was working with Clix Capital (erstwhile GE Capital) since July 2017. Before that, he worked for over four years at Standard Chartered Bank and spent nearly a decade cumulatively at ICICI Bank, India and ICICI Bank, UK.
“Aakash will play a key role in developing and managing investments in both IIFL AMC’s existing and proposed credit funds. We are certain that his demonstrated ability to manage the complete credit lifecycle will be a huge asset in this exciting business,” said Karan Bhagat, Founder, MD & CEO, IIFL Wealth and Asset Management.
“I strongly believe the alternative asset management segment in India will witness stellar growth and IIFL AMC is very well positioned to capture this massive opportunity,” said Desai.
IIFL AMC is part of Mumbai-based financial services provider IIFL Group’s IIFL Wealth and Asset Management business, which advises more than 6,700 HNIs (high networth individuals) and wealthy families handling aggregate assets under management (AUM) of more than $44 billion (Rs 3.29 lakh crore)
IIFL Wealth Management Ltd counts private equity firm General Atlantic and Canadian investment firm Fairfax among its key investors. As on December end 2021, General Atlantic held a 21% stake and Fairfax owned 13.64% equity ownership.
Last year, the company had hired Anshuman Goenka to head its private equity business.
In February last year, True North recruited former KKR managing director Kapil Singhal to head its credit vertical. Ruben Chheda, formerly with Piramal Capital, also moved to join the founding team at True North Private Credit.
Amrish Singh, previously with Lone Star, also joined Japan's largest investment bank Nomura to grow its private credit business in India.
Meanwhile, Xander Group-backed Sanctum Wealth Pvt Ltd is also planning to expand its business to private structured credit in the real estate segment.
