IL&F S Mutual Fund
IL&F S Mutual Fund
Introduction
IL&FS Mutual Fund, originating from the Infrastructure Leasing & Financial Services (IL&FS) group, has a history rooted in India's financial sector. While the broader IL&FS group played a significant role in infrastructure development and financial services, its mutual fund presence evolved over time.
A crucial point in its history is the acquisition of its conventional mutual fund schemes by UTI Mutual Fund in 2004. This meant that the majority of general equity and debt schemes previously offered by IL&FS Mutual Fund were integrated into UTI Mutual Fund's product portfolio.
Subsequently, in February 2013, IL&FS did launch a specialized entity, IL&FS Infrastructure Debt Fund (IDF), structured as a mutual fund. This specific fund was designed to invest in infrastructure debt. However, following the severe financial crisis that engulfed the parent IL&FS group starting in 2018, its operations have been largely focused on resolution and managing existing obligations under government oversight. The group has been undergoing a significant debt resolution process.
Fund Managers
Given the historical context and the current status primarily as an entity managing legacy Infrastructure Debt Funds under resolution, the concept of actively managed "fund managers" for a broad range of new, open-ended schemes, as seen in other AMCs, does not apply to "IL&FS Mutual Fund" in its current form.
For the active Infrastructure Debt Funds, the management is focused on debt resolution and meeting existing obligations under the overall restructuring of the IL&FS Group. The key personnel involved would be more in the realm of corporate management and debt resolution specialists within the broader IL&FS structure rather than traditional mutual fund managers actively picking stocks or bonds for new retail schemes. IL&FS Infra Asset Management Limited (IIAML) was the AMC for the IDF.
Scope and Investment Philosophy
The original scope and investment philosophy of IL&FS Mutual Fund (prior to the 2004 acquisition by UTI) would have been in line with general mutual fund offerings of that era.
For the IL&FS Infrastructure Debt Fund (IDF), launched in 2013, the scope and philosophy were highly specialized:
- Specialized Focus: Its primary objective was to invest in infrastructure debt, providing long-term debt capital for infrastructure projects in India.
- Target Investors: It was primarily aimed at institutional investors, such as banks, pension funds, and insurance companies, seeking exposure to infrastructure assets with stable, long-term returns.
- Credit Quality: The fund aimed to invest in high-quality, operational infrastructure projects.
- Long-Term Horizon: The nature of infrastructure projects implied a long-term investment horizon.
In its current state (post-2018 crisis), the "scope" of IL&FS Mutual Fund (IDF) is largely limited to the management and resolution of its existing infrastructure debt fund portfolios, under the ongoing efforts to address the larger IL&FS group's financial distress. It is not engaged in launching new, diversified mutual fund products for the general retail market.
List of Funds with Brief Explanation
As of July 2025, there are no new, diversified mutual fund schemes actively being launched or broadly offered to the public under the "IL&FS Mutual Fund" brand in the way other active AMCs operate.
The schemes that were part of the original "IL&FS Mutual Fund" (prior to 2004) were transferred to UTI Mutual Fund. Therefore, if you are looking for those older schemes, you would find them, under new names, as part of UTI Mutual Fund's offerings. Examples include:
- IL&FS Bond Fund became UTI Bond Advantage Fund
- IL&FS Growth & Value Fund became UTI Growth & Value Fund
- IL&FS Liquid Account became UTI Liquid Advantage Fund
The only mutual fund products that have continued under the "IL&FS Mutual Fund (IDF)" entity post-2013 are specific Infrastructure Debt Fund (IDF) Series, which were primarily closed-ended or specific offerings. These are highly specialized debt schemes focusing on infrastructure assets. Examples include:
- IL&FS Infrastructure Debt Fund - Series 1-A, 1-B, 1-C
- IL&FS Infrastructure Debt Fund - Series 2-A, 2-B, 2-C
- IL&FS Infrastructure Debt Fund - Series 3-A, 3-B
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