InCred Alternative Private Investments (InCred Alternatives) has closed its first special opportunities credit fund at a hard cap of Rs 1,500 crore, per an announcement.
The close-ended Category II Alternative Investment Fund (AIF) – InCred Special Opportunities Fund-I – received commitments from domestic family offices, ultra-high-net-worth individuals, and international investors.
“India’s private credit market is at an early but decisive stage of institutionalisation and is very different from the private credit market in the West,” said Saurabh Jhalaria, Chief Investment Officer – Private Credit at InCred Alternatives, in a media statement. “The supply gap is large and the risk-reward potential is compelling,” he added.
The fund will focus on established businesses in traditional sectors with hard asset coverage, steady cash flows, and built-in structural downside protection. About 75% of the fund has already been invested across sectors, including auto, power, oil & gas, and hospitality.
Founded by Bhupinder Singh in 2016, InCred Group operates three businesses: the unicorn NBFC InCred Finance, institutional and wealth management platform InCred Capital, and retail wealth-tech distribution vertical InCred Money. The group closed its maiden private equity fund last year at Rs 575 crore.
In other credit market developments, Motilal Oswal Alternates recently announced the first close of its maiden investment vehicle at Rs 1,700 crore ($187 million), while private equity firm True North, which raised about Rs 1,300 crore for its first credit fund, is preparing to launch its second.
