US-based TPG Capital Nears Deal to Acquire 40% Stake in Nirmal Jain's IIFL Capital

US-based asset management firm TPG Capital is nearing a deal to acquire around 40% stake in India's financial services firm IIFL Capital Services. This may potentially make TPG the single largest shareholder in the billionaire Nirmal Jain-founded company, The Economic Times reported.

According to the report, TPG’s investment is likely to include both fresh capital being put into the company as well as the purchase of existing shares from current shareholders.

The proposed deal is estimated to be valued between ₹3,635.7 crore and ₹4,847.6 crore. If all components of the transaction are completed, the total deal size could go up to nearly ₹8,000 crore.

As per SEBI regulations, the acquisition would also trigger an open offer for an additional 26% stake. How much TPG finally owns will depend on how many minority shareholders choose to sell their shares in this open offer.

On Wednesday, IIFL Capital shares opened at ₹401.85 on the BSE, up 2.4% from the previous close of ₹392.15.

TPG Capital’s interest comes at a time when IIFL Group founder and billionaire Nirmal Jain is looking to strengthen his presence in the wealth management space, following the successful stock market listing of IIFL Wealth’s successor, 360 One, in 2019.

Currently, the promoter group led by Nirmal Jain and his wife Madhu Jain holds a 30.98% stake in IIFL Capital. Canada-based investor Prem Watsa’s Fairfax Group is the second-largest shareholder, owning 27.27% through its entity FIH Mauritius Investment. Abu Dhabi Investment Authority is also among the company’s key investors.

If the deal is completed, it would mark the first major group-level transaction for IIFL since its 2019 restructuring. That reorganisation split the group into three separately listed companies—IIFL Finance, IIFL Capital (earlier IIFL Securities), and IIFL Wealth, which is now known as 360 One Wealth Asset Management. IIFL Capital entered the wealth management business in November 2024.

As of September 30, 2025, the company had a net worth of ₹2,810 crore and managed assets and client wealth worth ₹2.48 lakh crore. It reported a net profit of ₹85 crore for the second quarter of FY26.

For TPG, the deal would also be significant, as it would mark its first major investment in India’s wealth management sector and its second large acquisition in the broader financial services space.

IIFL Capital has a nationwide footprint with over 100 branches and a network of around 3,500 external wealth partners. However, its core business continues to be broking and related services such as margin trading, depository services and retail brokerage, which accounted for 74% of its total income in the first nine months of FY25.