JM Financial targets $165m for its first AIF to back pre-IPO Indian companies

JM Financial Asset Management has launched its first pre-IPO Alternative Investment Fund (AIF) under Category II with a target corpus of nearly $165 million (Rs 1,500 crore).

The approval for the pre-IPO fund was recently granted by India’s market regulator Securities and Exchange Board of India (SEBI), marking the strategic expansion of JM Financial’s AIF division into the fast-growing pre-IPO investment space, said a company statement.

The pre-IPO fund will focus on taking equity stakes in companies expected to list within 18 months, the statement added.

“This fund will leverage the strength and synergy of JM Financial’s integrated ecosystem to create a differentiated investment platform. With over 1,600 registered AIFs and total commitments reaching Rs 15.05 lakh crore ($165 billion) as of September 2025, the AIF industry is becoming a significant enabler of India’s capital formation. Rising domestic participation, increased investor sophistication, and a supportive regulatory framework continue to fuel this momentum,” said Vishal Kampani, Vice Chairman and Managing Director, JM Financial Ltd.

The pre-IPO fund will be managed by Jaisinh Suchak, Managing Director-Alternative Investment Funds, JM Financial Asset Management Ltd, who brings over 23 years of experience in financial services and more than a decade of buy-side expertise.

JM Financial Asset Management Ltd is an asset management company that offers a wide range of investment solutions to individual and institutional investors. As of Jan 31, 2026, the firm’s AUM stood at Rs 13,342.43 crore ($1.5 billion).