InCred Alternative Investments, part of InCred Capital, has secured commitments worth over Rs 600 crore ($70 million) for its maiden special situations credit fund, per an announcement.
The commitments for InCred Special Opportunities Fund-I (ISOF-I) were raised from a clutch of domestic and offshore LPs.
ISOF-I, a Category II AIF, has a base size of Rs 1,000 crore (with green shoe option of Rs 500 crore). It will follow a market-agnostic strategy as it gears up to make investments in the private credit market, which is of late witnessing a lot of investor interest in the country.
“By leveraging InCred Group’s origination strengths… we aim to generate 21-23% returns,” said Saurabh Jhalaria, Chief Investment Officer – Private Credit, at InCred Alternative Investments, in a media statement.
ISOF-I plans to capitalise on evolving market opportunities, such as dislocated secondary opportunities, cash flow mismatch situations in the economic cycle and flexible debt solutions, he added.
Founded by Bhupinder Singh in 2016, and backed by investors such as KKR, and ADIA, InCred operates three distinct businesses: the unicorn InCred Finance, which is an NBFC; InCred Capital, an institutional, wealth management, and asset management platform; and InCred Money, the retail wealth-tech investment distribution vertical.
Besides the private credit fund, InCred is also in the market raising a $60 million private equity fund. The fund —InCred Growth Partners Fund-I (IGPF-I)—secured a first close of Rs 330 crore ($39.5 million) in May last year, a few months after its launch.
