Neo Asset Management Pvt. Ltd, a modern wealth and asset management firm, announced on Wednesday that it has successfully raised $35 million (approximately ₹300 crore) in a growth round led by Peak XV Partners, the former Sequoia Capital India & SEA. This infusion of capital will be used to accelerate growth initiatives, expand the wealth management business, strengthen the asset management franchise, and facilitate the recruitment of top talent.
Founded in 2021, Neo Asset Management claims to have garnered a client base exceeding 1,000 individuals and entities across various segments, including high-net-worth individuals (HNIs), ultra-high net worth individuals (UHNIs), and multi-family offices. The company also serves global institutions such as pension funds, insurance companies, endowments, and sovereign wealth funds. Neo asserts that it oversees more than $3 billion (approximately ₹25,000 crore) in assets under advisement (AUA), including $360 million (around ₹3,000 crore) in assets under management (AUM).
Neo Asset Management was established by Nitin Jain, the former CEO of Edelweiss Wealth and Asset Management. The company specializes in providing advisory and yield-based investment solutions to some of the country’s top billionaires. Additionally, it offers yield-based alternative investment solutions with a focus on the private credit and real assets space. In the near future, Neo intends to have a presence across the entire risk-return spectrum.
Wealth management in India is a thriving market with a size of $2.8 trillion, experiencing year-on-year growth at a compound annual growth rate (CAGR) of 15 to 20%. Peak XV’s Managing Director, Sakshi Chopra, praised Nitin Jain and his team, who have extensive experience in the industry, for their goal of creating a trusted institution of choice for affluent clients. She also highlighted Neo’s impressive growth, managing ₹20,000 crore in AUA in its wealth business and ₹3,000 crore in AUM in the asset management business within a few years of its launch.
In 2022, Neo Asset Management launched a Securities and Exchange Board of India (SEBI)-approved category-II alternative investment fund (AIF) known as the Special Credit Opportunities Fund. In September of the same year, the firm completed the first close of its maiden fund, securing ₹625 crore (approximately $78 million) from domestic high-net-worth individuals (HNIs) and multi-family offices. Neo’s goal is to raise ₹800 crore, with a green shoe option of ₹1,200 crore.
