Global private equity giant KKR on Monday said it has committed $600 million in structured credit financing to Manipal Education and Medical Group (MEMG).
The deal, anchored by KKR’s private credit and insurance platforms and arranged by KKR Capital Markets, is designed to provide flexible, long-term capital to support MEMG’s expansion plans across its core businesses in healthcare, education, and health insurance.
KKR’s Asia Pacific Credit platform has committed over $8 billion across 60 private credit investments in the region since 2019, representing total transaction volume of more than $21 billion. The firm is increasingly leaning into India as a key market for its credit strategy.
“India is a priority market for our credit strategy, and we look to build on this momentum to be a partner of choice to more high-quality companies like Manipal on their growth ambitions,” said Diane Raposio, Partner and Head of Asia Credit and Markets at KKR.
India is fast becoming the epicentre of Asia’s private credit momentum, with more than half-a-dozen managers either launching or closing funds in just the past month, signalling growing appetite among investors and borrowers for structured, non-dilutive capital.
Last month, Avendus Group raised over Rs 1,000 crore ($118 million) in the first close of its third private credit fund.
Separately, Neo Asset Management secured $233 million for its second flagship vehicle, while Franklin Templeton marked the first close of its debut India-focused credit AIF with Rs 205 crore.
Synergy Capital raised $715 million in the first close of its third Asia-focused fund, targeting a $1-billion final close with India at its core.
Kotak is reportedly aiming for a $2-billion fundraise, and InCred pulled in $70 million for special situations.
According to PwC, India’s private credit market has grown more than 10x over the past decade and now has assets under management (AUM) nearing $25 billion. Yet, its credit-to-GDP ratio remains significantly lower than developed markets, leaving ample headroom for further growth. The consulting firm estimates India could account for 30% of all APAC private credit fundraising by 2025.
