The origins of IIML date back eighties when it was founded as Credit Capital Venture Fund (India) Limited (CCVF), an affiliate of Lazard Brothers. CCVF was the first private sector venture capital company in India, and managed a number of small sector focused funds apart from investing its own proprietary capital.

Infrastructure Leasing & Financial Services Limited (IL&FS) acquired CCVF, completed an intensive management and financial re-structuring, merged its own private equity business into CCVF and renamed it IL&FS Investment Managers Limited (IIML).

IL&FS retains management control of IIML. IIML is listed on the National Stock Exchange (Stock Code:IVC) and the Bombay Stock Exchange (Stock Code:511208).


In late 1990s, IIML became the first Fund Manager to establish an Infrastructure focused Private Equity Fund, with participation from large international investors (The AIG India Sectoral Equity Fund).

In early 2000s, IIML recognized the need for specialized seed capital funding for project development activities relating to large format infrastructure project and was a pioneer in establishing a dedicated infrastructure seed capital fund (The India Project Development Fund).

By mid-2000s, as the country opened its doors to real estate investing, IIML moved quickly to establish one of the first and the largest real estate funds (The IL&FS India Realty Fund - I).


IIML has raised and managed 13 Funds, which invested across the wide spectrum of the Indian economy. IIML also has integrated 2 real estate funds into its operations during FY2011. One of these funds (Yatra Capital) is listed on the Euronext.

IIML has also acquired the Infrastructure Debt Fund (IDF) business from IL&FS Financial Services Limited thereby diversifying the offerings to debt funds. IDF was launched under the Mutual Fund structure in February 2013. Leveraging on its Infrastructure expertise and investor performance for steady yield asses, IIML has forayed into InvITs by being a manager to the IL&FS Transportation Investment Trust



Three of these Funds - AIG India Sectoral Equity Fund (Vintage : 1996), India Project Development Fund (Vintage 2000) and India Auto Ancillary Fund (Vintage 1998) - were fully divested in 2007 - 2008, providing attractive returns for their contributors. IIML completed full divestment from its 4th fund - South Asian Regional Apex Fund in 2013. This experience across Fund cycles is a unique for any Indian Private Equity Fund Manager.