Mumbai: In ordinary circumstances, a ₹52-crore stake sale in an unlisted asset management company barely merits a second glance. But when the seller is Rajeev Thakkar, the investment veteran behind one of India's most closely followed equity schemes, even a modest cut in his personal holding is likely to attract attention.Thakkar, the chief investment officer of PPFAS Mutual Fund, sold about 0.33% stake in its unlisted parent - Parag Parikh Financial Advisory Services - to WhiteOak Capital's Alternative Investment Fund (AIF), which bets on unlisted shares, according to sources in the know.The deal values PPFAS at almost ₹15,800 crore. The market value of the recently-listed SBI Funds Management, India's largest mutual fund by assets, was at ₹1.17 lakh crore, while that of ICICI Prudential AMC, the second largest, was at ₹1.53 lakh crore on Tuesday.PPFAS did not respond to an email query till press time. A WhiteOak spokesperson confirmed the investment.The stake sale comes on the heels of promoters Neil Parikh and Khushboo Parikh offloading a little less than 1% in PPFAS to Avendus Future Leaders Fund III for ₹140 crore earlier in July, valuing the company at ₹14,000 crore.Also Read: Nifty could deliver low-teen returns as earnings drive next leg of bull market: Anand Rathi AMCNeil Parikh was the largest shareholder in PPFAS with 41.98%, followed by Geeta Parikh at 18.26% and Sahil Parikh at 14.28% as on March 31, 2026, according to the FY26 annual report. Together, the three family members own nearly 74.5% of the company. Rajeev Thakkar, the biggest non-promoter shareholder, owned a 6.21% stake as of March 31. The four largest shareholders together controlled 80.73% of PPFAS.The two transactions have provided insight into the valuation of the closely held PPFAS, valuing the company at around 9-10% of its assets under management of nearly ₹1.61 lakh crore as of June 30.At the valuation assigned in the WhiteOak deal, Thakkar's stake in PPFAS could be worth about ₹900 crore. The fund house's flagship scheme, Parag Parikh Flexi Cap Fund, managed by Thakkar, managed ₹1.42 lakh crore of assets as of June 30.The asset manager's revenue from operations rose to ₹596 crore in FY26 from ₹423 crore a year earlier, while net profit increased to ₹346 crore from ₹246 crore.