IIFL Wealth Management has about $12 billion of client assets under management.

"IIFL Holdings announced today that General Atlantic, a leading global growth equity firm, will make a strategic investment to become a minority shareholder in its wealth subsidiary, IIFL Wealth Management Limited, one of India’s leading wealth management companies. General Atlantic’s investment will help to support the company’s continued growth and platform expansion as the premier wealth management company in India," General Atlantic said in a statement on its website at the weekend.

As on 30 September, 2015 IIFL Holdings owns 76.79 per cent of the total outstanding shares of IIFL. As a result of the transaction, that holding will fall to 53.86 per cent.

While India's economy and markets have not been able to sustain the growth pace of last year, the country is seen in some quarters as one of the more sustainable success stories in the emerging market field and its growing middle class is seen as an important driver of development in wealth management.

IIFL Wealth was founded in 2008 by IIFL Holdings Limited with Karan Bhagat, Yatin Shah and Amit Shah, reports said. It serves more than 8,600 clients and has more than 150 relationship managers. Headquartered in Mumbai, IIFL company has 14 domestic offices in Mumbai, Ahmedabad, Bangalore, Baroda, Chandigarh, Chennai, Goa, Hyderabad, Jaipur, Kanpur, Kolkata, Ludhiana, New Delhi, and Pune.