IIFL raises alternate investment fund of Rs 628 crore

In a statement, the company has claimed that the commitments of Rs 628 crore it has received for the IIFL Income Opportunities Fund is the country's largest AIF fund raising till date.

Updated: Apr 23, 2013, 18:31 PM IST

Mumbai: Diversified financial company India Infoline on Tuesday said it has received commitments of Rs 628 crore for an alternate investment fund (AIF).

In a statement, the company has claimed that the commitments of Rs 628 crore it has received for the IIFL Income Opportunities Fund is the country's largest AIF fund raising till date.

An AIF invests in non-traditional assets that are not found in conventional investment portfolios.

The IIFL Income Opportunities Fund will invest in debt and debt-related instruments issued by 'good corporate groups; secured against quality assets and are structured to provide periodic cash flows, the statement said.

IIFL Wealth Management's chief executive and managing director Karan Bhagat said the management fees for the fund is among the lowest and added that unlike its peers, the company has decided not to charge a performance fees.

PTI