Ascertis Credit, formerly BPEA Credit, has made the first close of its fourth private credit fund for Asia at $520 million.
Ascertis Credit Fund IV, which is aiming to raise $1 billion, has attracted a mix of existing and new institutional investors, family offices, and high-net-worth individuals across global markets and India, according to a company statement.
Similar to its predecessors in the same series, the fund will continue to provide bespoke credit solutions to high-growth companies across India and Singapore, as well as Southeast Asia.
“India is one of the largest and most exciting markets in Asia and the focus on private credit as a strong asset class has grown substantially in recent times,” said Kanchan Jain, Head, Ascertis Credit. “This resounding response to our Fund IV is a defining moment for us, not only in terms of scale but also the confidence from a diversified group of global and domestic investors.”
This milestone comes after the final close of the Ascertis Credit Select Short Term Income Fund – I (SSTIF Series – Fund I) earlier this year, which exceeded its initial target by more than 25%.
The 11-year-old firm has deployed over $1.5 billion across its previous funds. It now has 36 staff with teams in Singapore, Delhi and Mumbai.
Ascertis’s first close comes months after Temasek’s SeaTown raised $612 million in commitments in the first close of SeaTown Private Credit Fund III. Other private credit investors targeting similar geographies in the fundraising market include KKR’s second Asia credit fund, Keppel’s third infrastructure fund, and Orion’s third fund.
