Rajeev Thakkar, CIO of PPFAS Mutual Fund, sold a 0.33% stake in the unlisted parent company, Parag Parikh Financial Advisory Services (PPFAS), to a WhiteOak Capital-managed Alternative Investment Fund (AIF) for around ₹52 crore. The transaction values PPFAS at approximately ₹15,800 crore.
The deal represents a valuation increase of nearly 13% from the recent Avendus Future Leaders Fund transaction, which valued the company at around ₹14,000 crore, indicating rising institutional interest in PPFAS.
Despite the sale, Rajeev Thakkar remains the largest non-promoter shareholder, while the promoter family continues to own around 74.5% of the company, reflecting continued promoter confidence.
The higher valuation is supported by PPFAS' strong operating performance, with FY26 revenue rising to ₹596 crore and net profit increasing to ₹346 crore, alongside an AUM of nearly ₹1.61 lakh crore as of June 2026.
The transaction reinforces growing institutional appetite for profitable, privately held asset management companies as India's mutual fund industry continues to benefit from rising retail participation.
