IIFL INDIA PRIVATE EQUITY FUND SERIES 1A

(A scheme of IIFL Private Equity Fund – Category II Alternative Investment Fund)

All data are as on December 31, 2020 and denominated in INR

Investment Theme Portfolio holding vs Performance (Since Inception) Sector - Holdings

The scheme seeks to generate long term capital
appreciation through investment in Equity and
Equity related instruments. The fund aims to Scheme/Benchmark Listed (%) Unlisted (%) Overall (%)
invest in leaders across financial market
intermediaries

Key Terms % of portfolio holding 39.09 52.14 -

Launch Date September 15, 2020

Bloomberg Ticker NA
Scheme Returns (XIRR) - - 81.64
Scheme Closed Ended Scheme
Category II Alternative
Category
Investment Fund

Fund level returns are shown in the above table; Past performance may or may not be
Financial Services sustained in future;
Returns are as of December 31, 2020
Fund Details - as on December 31, 2020

Committed Capital
1335.07
(INR in Cr.)
Drawdown Capital
778.35
(INR in Cr.)
NAV - Fund Level Type of Investment Market Capitalization
11.9120

(INR)*
* Refer the second point of the note section

Schedule of Charges
A Units, Class B, Class C,
Class D, Class E and Class S
units, and any other Class
of units which may be
Class of
issued by the Fund, each of
UnitsClass of Units
which represents the
beneficial interest of the
Unitholder in the Fund Calculation on the basis of current portfolio value
Assets
Class A - Up to 2.00% Current Portfolio Holdings
Management
Class B- Up to 1.75%
Expenses (as % of S. No. Company Weightage
Class C- Up to 1.50%
daily net assets

Class D- Up to 1.25% Listed Portfolio Holdings 39.09%

p.a.)
Class S (Sponsors) - 0.10%

Upto 0.15% p.a. of daily net 1 Computer Age Management Services Limited 20.21%
Admin. Expenses
assets
Upto 2.00% of Aggregate
Set-up Fee
capital commitment 2 Indian Energy Exchange Limited 10.01%
Pre-tax post expenses
Hurdle Rate internal rate of return of
10% 3 Multi Commodity Exchange of India Limited 8.30%
Without catchup, over the
hurdle rate of 10% p.a.
Class A - 20% 4 Central Depository Services (India) Limited 0.57%
Performance Fees Class B- 20%

Class C- 17.5% Unlisted Portfolio Holdings 52.14%

Class D- 15%

5 National Stock Exchange Of India Limited 36.57%

6 TransUnion CIBIL Limited 15.57%

Investment Manager
IIFL Asset Management Limited (IIFL AMC) 7 Cash and cash Equivalents 8.77%

Total 100.00%
Calculated on the basis of current portfolio value
Fund Manager Profile Cash and Cash Equivalents includes investments in bonds, debt mutual funds, cash balance and other receivables.

--Mr. Amit Mehta

Mr. Amit Mehta, Senior Vice President, IIFL AMC,
has over 12 years of investing experience in India.
Mr. Mehta joined IIFL AMC in 2016 and has been a
key member of Private Equity team. In his career
he has worked on various sectors such as
Financial Service, Consumer & Healthcare. He is a
MBA in Finance from IIM Ahmedabad and B.Tech
from LIT, Nagpur. His previous assignment
includes stints at marquee Private Equity funds
such as MayField Fund and Motilal Oswal Private
Equity

PRIVATE AND CONFIDENTIAL. NOT MEANT FOR PUBLIC CIRCULATION

IIFL Asset Management Limited (Investment Manager)
Regd Off: 6th Floor, IIFL Centre, Kamala City, Senapati Bapat Marg, Lower Parel, Mumbai -400 013
Tel: (91-22) 4876 5600 • Fax: (91-22) 4646 4706 • CIN: U74900MH2010PLC201113 • SEBI AIF Category II Registration No: IN/AIF2/12-13/0015
 IIFL INDIA PRIVATE EQUITY FUND SERIES 1A
(A scheme of IIFL Private Equity Fund – Category II Alternative Investment Fund)
All data are as on December 31, 2020 and denominated in INR

Portfolio Details and Updates

1. National Stock Exchange of India Limited (NSE) 4. Indian Energy Exchange Limited

NSE had a dominant position with market share by total turnover of 94% in equity cash IEX is one of the two power exchanges operating in India. IEX started operations in June
trading, 100% in equity futures and options trading and 72% in currency futures and 67% 2008 and was listed in October 2017. The company offers an electronic platform for trading
in currency options trading for H1FY21. The average daily turnover (ADT) in the equity of electricity, largely on the day-ahead basis. The products available for trading a uniform
cash market was up 73% YoY to ₹584 Bn., while the volumes in equity futures were up 14% price double-sided closed auction include day-ahead-market (DAM) electricity contracts,
YoY to ₹1,109 Bn. (ADT) and that in equity options were up 97% YoY to ₹100 Bn. (premium term-ahead-market (TAM) electricity contracts, real-time market (RTM) electricity
ADT). contracts, Renewable Energy Certificates (REC) and Energy Saving Certificates. The
Company’s electronic platform offers a suite of settlement services, including electronic
Its consolidated operating income increased 41% YoY in H1FY21 to ₹2,361 Cr. This was trade confirmation, clearing services and risk management functionality. The DAM market
enabled by NSE’s growth in transaction income of 59% to from ₹1,099 Cr. in H1FY20 to constitutes majority of the electricity contracts that are traded on the Exchange. In FY19,
₹1,749 Cr. in H1FY21. NSE has improved its cost efficiencies, with the operating margin IEX commanded >98% market share of electricity contracts in the DAM and TAM markets
increasing from 63% in H1FY20 to 70% in H1FY21 and EBITDA margin increasing from combined.
72% to 76% over the same period. EBITDA was up from ₹1,331 Cr. in H1FY20 to ₹2,030 Cr. IEX’s Q2FY21 standalone PAT fell 4.4% YoY owing to a higher-than-expected decline in
in H1FY21 (excluding exceptional items). treasury income (down 24% YoY); fall in interest rates is the key reason for this decline.
Operationally, power volumes grew 13% YoY. Industrial customers and SEBs have been
Q2FY21 PAT was up 3x to ₹22.8 Bn. as company booked gains on sale of its stake in CAMS actively buying on the exchange platform, to take advantage of subdued prices. Ban on
(₹15 Bn. adjusted for tax). Adjusting for this, profits were up 42% YoY to ₹7.9 Bn. The strong trading of REC (APTEL order) partially negated the strong performance of the power
growth in profits was driven by robust volume growth in equity cash as well as equity segment.
derivatives. Further, the 2 new products (RTM + G-TAM) launched in H1FY21 are seeing traction and
ramp-up in volumes and accounted for 15% of IEX’s October 2020 volumes. On gas
2. Computer Age Management Services Limited volumes, IEX expects a ramp-up based on key enablers − introduction of market operator,
inclusion of gas under GST and strengthening of gas infrastructure.
CAMS is India’s largest Registrar and Transfer Agent (RTA) of mutual funds. It has a market
share of 72.9% in a duopoly RTA market and is well positioned to capitalize on India’s
growing asset management industry. Its clients include 4 of the top 5 mutual funds in the
country and 10 of the top 15 mutual funds. Amongst the top 5 AMCs, ICICI, HDFC, SBI and 5. Multi Commodity Exchange of India Limited
Aditya Birla Sun Life are serviced by CAMS while Nippon India is serviced by Karvy. The
company is well integrated with its customers, managing growing transactions and more Established in November 2003, MCX had its IPO in 2012 and became India's first listed
than 275TB of client data. There are high entry barriers to the business putting it in an exchange. It is a state-of-the-art, commodity futures exchange that facilitates online trading,
advantageous position. and clearing and settlement of commodity futures transactions, thereby providing a
platform for risk management. At its inception, futures were allowed as the only segment
As of July 2020, CAMS serviced ₹19.2 Trillion of AAUM of 16 mutual fund clients, according and MCX started with base metals, metals, energy and Agri products. It now has 9
to a CRISIL Report. Further, its mutual fund clients had 1.98 crore SIP accounts as of June commodities (products) which can be traded (gold, silver, natural gas, nickel etc.). BSE and
30, 2020. The 5-year CAGR of QAAUM of mutual funds between March 2015 and March 2020 NSE have not yet been able to garner noteworthy volumes in their commodity derivatives
was 18% according to the CRISIL Report, while the 5-year CAGR of the QAAUM of mutual segments.
funds serviced by them over same period was 21%. The AUM of equity mutual funds MCX reported an operationally healthy Q2FY21 led by strong revenue growth and steady
serviced by them grew from ₹218,000 Cr. as of 31 March 2015 to ₹522,800 Cr. as of 31 operating expenses. Top-line reported growth of 19.5% YoY to ₹120 Cr., primarily on
March 2020, at a CAGR of 19.1%, and as of 30 June 2020 was ₹619,000 Cr. account of healthy ADTO growth. EBIDTA (excluding other income) for the quarter came in
at ₹66 Cr., up 39% YoY, 148% QoQ. On the back of lower software and advertisement
CAMS has an established track record of delivering robust financial results. For the 3 months
expenses, EBITDA margin increased ~7.6% YoY to 54.8%. Subdued other income growth
ended 30 June 2020 and FY20:
coupled with higher tax rate led PAT to come in at ₹59 Cr. vs. ₹72 Cr. in Q2FY20 and ₹56 Cr.
• Total income was ₹163 Cr. and ₹721 Cr. respectively in Q1FY21. PAT margin was at 48.9% in September 2020 vs. 71.9% in September 2019.
• Revenue from the mutual funds services business was ₹133 Cr. and ₹608.25 Cr. Average daily turnover (ADTO) of commodity futures contracts jumped 10% YoY, 64.9%
respectively QoQ to ₹381 Bn. in Q2FY21. Total volume of contracts (in lots) as on September 2020 was
• PAT was ₹41 Cr. and ₹173 Cr., respectively at ~6.1 Cr. vs. ~4.2 Cr. in June 2020. MCX reported a sharp increase in its market share by
• PAT % was 27.5% and 24.8%, respectively ~4.2% YoY to 97.05%. The company had launched iComdex Bullion Index in August 2020,
which registered an ADTO of ₹260.8 Cr. as on September 2020.
3. TransUnion CIBIL Limited
6. Central Depository Services (India) Limited
CIBIL is India’s oldest and largest credit bureau and enjoys a dominant position (over 70%
market share) in the credit information space. The Indian credit bureau market is an CDSL is India’s only listed depository and commenced business in 1999. It facilitates
oligopolistic market with only 4 players in India. Out of these four companies, CIBIL has the holding and transacting in securities in the electronic form and facilitates settlement of
first mover advantage and a maximum vintage of ~15 years industry wide. CIBIL is India’s trades on stock exchanges. As of November 2020, CDSL maintains and services 2.78 Cr.
pioneer information and insights company, it collects, collates, and disseminates credit demat accounts of Investors or Beneficial Owners (BOs) spread across India, serviced by
information to a closed user group of its members which include Banks, FIs, NBFCs and CDSL’s 589 Depository Participants (DPs) from over 20,600 locations.
HFCs. Total income for Q2FY21 increased by ₹31.8 Cr. (46%) to ₹101.2 Cr. from ₹69.4 Cr. in
CIBIL has had an EBITDA margin more than 50% consistently for the last many years with Q2FY20. PAT for Q2FY21 increased by ₹19.8 Cr. (68%) to ₹48.9 Cr. from ₹29.1 Cr. in
FY20 EBITDA margin being at 63.2%. For the same period, its PAT margin has also stayed Q2FY20. CDSL’s performance was driven by traction in transaction charges (34% of
in excess of 30% consistently for the last many years with FY20 PAT margin being at 42.4%. revenue, increased by 48.2% QoQ). The transaction charges surged due to high retail
CIBIL’s total revenue has grown at a 5-year CAGR of 29.4% and PAT has grown at a 5-year activity, an increase in delivery volume and strong addition of new accounts (35% YoY).
CAGR of 36.4% for the period FY15-FY20. The RoE has been over 35% consistently for the Increase in pledge activity due to change in regulations will further boost transaction
last many years with FY20 RoE being at 50.1%. revenue in H2FY21.
The pandemic has led to increased demand for Digital services (virtual AGMs, evoting,
Aadhaar based e-KYC, etc.) and CDSL is the prime beneficiary. CDSL continued to gain BO
account market share from NSDL (stood at 56.1% in Sep-20 vs. 51.8% in FY20). Its
incremental market share stood at 87% due to exclusive arrangements with discount
brokers. BO accounts are the building blocks for a depository and have a high correlation

to revenue growth.

PRIVATE AND CONFIDENTIAL. NOT MEANT FOR PUBLIC CIRCULATION

IIFL Asset Management Limited (Investment Manager)
Regd Off: 6th Floor, IIFL Centre, Kamala City, Senapati Bapat Marg, Lower Parel, Mumbai -400 013
Tel: (91-22) 4876 5600 • Fax: (91-22) 4646 4706 • CIN: U74900MH2010PLC201113 • SEBI AIF Category II Registration No: IN/AIF2/12-13/0015
 IIFL INDIA PRIVATE EQUITY FUND SERIES 1A
(A scheme of IIFL Private Equity Fund – Category II Alternative Investment Fund)
All data are as on December 31, 2020 and denominated in INR

Note:
1. In accordance with Regulations 10 (d) of AIF, IIFL Wealth Finance Limited (Co- Sponsor) has invested Rs. 11 Crore in the Scheme.
2. NAV mentioned in the factsheet is the fund level NAV and factors in all income & expense incurred/accrued. Kindly get in touch with Investor Relation for NAV of your respective share class
3. The data stated herein is as of December 31, 2020 , unless specifically stated.

Disclaimer:
Securities investments are subject to market risks and there is no assurance or guarantee that the objectives of the Fund will be achieved.
As with any securities investment, the value of a portfolio can go up or down depending on the factors and forces affecting the capital markets. Past performance of the Fund Manager or AMC may not be
indicative of the performance in the future. This document is for informational purposes only and should not be regarded as an offer to sell or as a solicitation of an offer to buy the securities or other
investments mentioned in it. The past performance of the Fund is not indicative of the future performance of the Fund or in any other Fund either existing Fund that may be offered. Investors are not being
offered any guaranteed or indicative returns through these services. The returns mentioned anywhere in this document are not promised or guaranteed in any manner. Returns are dependent on prevalent
market factors, liquidity and credit conditions. Instrument returns depicted are in the current context and may be significantly different in the future. The contents of this document should not be treated as
advice relating to investment, legal or taxation matters. This communication is for private circulation only and for the exclusive and confidential use of the intended recipient(s).
Any other distribution, use or reproduction of this communication in its entirety or any part thereof is unauthorized and strictly prohibited. All investors must read the detailed Private Placement
Memorandum (PPM) including the Risk Factors and consult their stockbroker, banker, legal adviser and other professional advisers to understand the contents of this document and/or before making any
investment decision/contribution to AIF.
The securities market information contained in this document is obtained from sources believed to be reliable. We do not represent that any securities market related information, including any third party
information, is accurate or complete and it should not be relied upon without proper investigation on the part of the investor/s
IIFL Asset Management Limited and its group, associate and subsidiary companies are engaged in providing various financial services and for the said services (including the service for acquiring and
sourcing the units of the fund) may earn fees or remuneration in form of arranger fees, referral fees, advisory fees, management fees, trustee fees, Commission, brokerage, transaction charges, underwriting
charges, issue management fees and other fees. For the purpose of trading and investments in securities, the Fund transacts through and maintain demat account(s) with Group Company(ies).

PRIVATE AND CONFIDENTIAL. NOT MEANT FOR PUBLIC CIRCULATION

IIFL Asset Management Limited (Investment Manager)
Regd Off: 6th Floor, IIFL Centre, Kamala City, Senapati Bapat Marg, Lower Parel, Mumbai -400 013
Tel: (91-22) 4876 5600 • Fax: (91-22) 4646 4706 • CIN: U74900MH2010PLC201113 • SEBI AIF Category II Registration No: IN/AIF2/12-13/0015