IDFC Alternatives, the alternative asset management vertical at infrastructure financing company IDFC, has picked up a stake in India-based Medi Assist Group, provider of third party administrator (TPA) services for health insurance-related claims. IDFC Alternatives committed INR1.3 billion (approximately US$20.5 million) to the deal, part of which has already been invested. Medi Assist intends to use the new financing to consolidate the company’s position in the TPA business and for newer lines of business such as pharmacy benefits and wellness management. The company previously received funding from venture capital firm Bessemer Venture Partners in 2011.