Bain Capital, a private equity firm, agreed to acquire a 25% stake in IIFL Wealth Management, a non-bank wealth manager, from financial services firms General Atlantic and Fairfax, for $491m. “The company is well poised to benefit from secular tailwinds of wealth creation in the economy, greater financialisation, and increasing penetration of formal wealth management. We look forward to working with the team on the next phase of IIFL Wealth’s growth journey," Pawan Singh, Bain Capital Managing Director.