IL&FS Investment Managers

What IL&FS Investment Managers does

IL&FS Investment Managers Limited (IIML) is a publicly listed Indian private equity and infrastructure fund manager (NSE: IVC; BSE listed), incorporated in 1987 and headquartered at the IL&FS Financial Centre in Mumbai's Bandra Kurla Complex. The firm operates as a subsidiary of Infrastructure Leasing & Financial Services Limited (IL&FS) and is described in its own materials as one of the oldest and largest private equity fund managers in India, having historically raised and managed over $3.5 billion across its funds. IIML runs a multi-vertical platform covering General Purpose Private Equity, Real Estate, and Infrastructure, and through its wholly owned subsidiary IIML Asset Advisors Limited (IAAL) acts as the SEBI-registered Investment Manager for the IL&FS Transportation Investment Trust (InvIT). The company currently maintains nine active funds (including TARA IV, LIF, IIRF I/II, PAPDF, TARA III, SCI Asia, Yatra Capital, and Saffron RE-I) and lists five divested or wound-down vehicles on its site.

The company's offering is organized into four verticals — Private Equity, Real Estate, Infrastructure, and InvIT — with sector specializations historically spanning Telecom, City Gas Distribution, Shipyards, Retail, and Media. Its technology footprint is described as digital investor management and financial reporting platforms; no proprietary AI, model, or data-asset capability is disclosed. Revenue is generated from two streams: recurring fund management fees on committed/invested capital across private equity, real estate, infrastructure, and InvIT vehicles, and performance-linked fees (carried interest) tied to successful fund exits. IIML distributes its funds on a purely direct-institutional basis — no intermediary channels — targeting two principal LP pools: major Indian banks and financial institutions, and marquee global institutional investors including U.S. pension funds, endowments, foundations, and sovereign wealth funds.

For FY2025-26, IIML reported annual sales of Rs 54.91 crore (up 88.82% year-on-year) and a return to standalone net profit of ₹4,791.30 lakh, reversing a prior-year loss, while the board declared an interim dividend of ₹0.50 per share. Despite the recovery, the auditor issued a qualified opinion citing an ongoing Serious Fraud Investigation Office (SFIO) investigation against the parent IL&FS and material uncertainty regarding going concern due to absence of fee income. The company employs 11-50 people, is led by Executive Director & CEO & CFO Ms. Lubna Ahmad Usman with Mr. Chitranjan Singh Kahlon as Chairman, and remains subject to overhangs from its parent's legacy credit crisis that materially shape its operating context.

Name

IL&FS Investment Managers

Legal name

IL&FS Investment Managers Limited

Website

https://iimlindia.com

Company type

Public

Founded year

1987

Operating status

Operating

Headcount range

11–50 employees

Short description

IL&FS Investment Managers (NSE: IVC) is a Mumbai-based, publicly listed Indian private equity and infrastructure fund manager — a subsidiary of IL&FS — that manages PE, real estate, infrastructure, and InvIT vehicles for major Indian banks and global institutional LPs, having raised and managed over $3.5 billion historically.

Ownership category

akta.pro rank

Product category

Private Equity Fund Management

NAICS

Portfolio Management and Investment Advice (523940), Other Investment Pools and Funds (5259), All Other Financial Investment Activities (52399), Other Financial Vehicles (52599)

SIC

Investment Advice (6282), Real Estate Investment Trusts (6798)

akta.pro primary industry

Institutional Capital Introduction (LP/Family Office/Endowment Matching) (FSAEALAI)

akta.pro secondary industry

Real Estate Portfolio & Fund Management (Institutional/REIT/PE) (BPAJAMAJ)

Keywords

• Private equity fund management
• Infrastructure investment
• Real estate funds
• Alternate asset management
• Infrastructure investment trust

Headquarters

HQ city

Mumbai

HQ country

India

HQ region

Asia

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Others

Revenue model

1. Fund Management Fees: Revenue generated from managing private equity and infrastructure funds across various investment verticals including Private Equity, Real Estate, Infrastructure, and InvIT
2. Performance Fees: Carried interest and performance-linked fees from successful fund exits and portfolio company performance

Distribution channels1 record

Marketing channels2 records

Core offering

IL&FS Investment Managers (IIML) manages private equity, real estate, and infrastructure-focused funds for institutional investors in India. The firm manages a corpus of approximately $3.2 billion across roughly 21 funds, with its flagship India Infrastructure Fund providing growth capital to infrastructure and related companies across transportation, energy, and urban infrastructure. It also acts as investment manager to Infrastructure Investment Trusts (InvITs).

Product overview

IL&FS Investment Managers Limited (IIML) is a private equity fund management company offering investment management services across multiple asset classes. The company manages funds through distinct verticals: Private Equity (investing in sectors like Telecom, City Gas Distribution, Shipyards, Retail, and Media), Real Estate (including Saffron RE-I), and Infrastructure (including InvIT through its subsidiary IAAL). IIML manages both active funds (TARA IV, LIF, IIRF I, PAPDF, IIRF II, TARA III, SCI Asia, Yatra Capital, Saffron RE-I) and divested funds (AISEF, IPDF, IAAF, SARA). The company has raised and managed over $3.5 billion and is listed on the National Stock Exchange and Bombay Stock Exchange.

Differentiator

Problem solved

Functional benefit

Products and services

• India Infrastructure Fund A flagship private equity fund vehicle providing growth capital to Indian infrastructure and related companies across transportation, energy, and urban infrastructure. Targeted at institutional limited partners seeking long-term exposure to Indian infrastructure.
• Real Estate Funds

Named customers4 records

Segments2 records

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Scale indicators5 records

Recent moves7 records

Expansion highlights4 records

Direct peers

• Everstone Capital: Everstone is a Singapore-headquartered but India-anchored private equity and real estate platform. It is directly comparable to IIML given parallel PE and real estate strategies targeting Indian institutional investors.
• Motilal Oswal Private Equity: Motilal Oswal's PE arm manages growth and special situations funds across India. It is a direct peer to IIML's PE vertical, particularly in mid-market Indian growth investing.
• ICICI Venture (ICICI Prudential Asset Management): ICICI Venture is one of India's longest-running domestic PE fund managers, with PE, real estate and infrastructure strategies. It is a direct peer to IIML given overlapping fund offerings, institutional LP base, and India-focused alternative investment mandate.
• ChrysCapital: ChrysCapital is an India-focused private equity firm managing multiple PE funds. It is a direct peer to IIML's private equity vertical, competing for Indian PE mandates and institutional LP capital.

Broad incumbents

• Blackstone (India operations): Blackstone operates one of the largest India-focused real estate and infrastructure platforms and also runs an InvIT. It is a broad incumbent peer to IIML, particularly competing for global institutional capital allocating to Indian alternatives.
• Carlyle (India): Carlyle runs an active India buyout and growth PE strategy and is a broad incumbent peer to IIML, particularly in the mid- and large-cap PE segment.
• Brookfield (India operations): Brookfield's India platform spans infrastructure and real estate investing, often via InvIT and yield vehicles. It is a broad incumbent peer to IIML's infrastructure and InvIT business.
• Kotak Mahindra Asset Management / Kotak Alternate Asset Managers: Kotak's alternative asset management arm manages private equity, real estate and infrastructure strategies in India. It is a directly comparable domestic peer across the same four asset-class verticals (PE, RE, infra, yield) that IIML operates in.
• KKR India: KKR's India platform invests in private equity and infrastructure, often partnering with domestic institutions. It is a broad incumbent peer that competes with IIML for India-focused global LP allocations.

Emerging players

• Asha Impact / Creador: Creador is a Southeast Asia- and India-focused growth PE firm. It is an emerging-player peer, comparable in mandate and LP profile to IIML's PE vertical though smaller in AUM.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments19 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about IL&FS Investment Managers