Dubai-based Synergy Capital, founded by former ArcelorMittal SA executive Sudhir Maheshwari, is looking to raise $1 billion for its third Asia-focused private credit fund, as it sharpens its focus on the growing demand for structured financing in India and across the region.
The fund, Synergy Capital Fund III, claims to have raised $715 million in the first close within two months of launch and expects to hit the final close by May 2026.
Backed by returning LPs from the US, Europe, Asia, and the Middle East, the fund focuses on private credit and select private equity investments in the industrial and infrastructure sectors, with a strategic emphasis on India.
The firm has deployed over $1.2 billion from its first two funds and $2 billion, including co-investments, over the last eight years. Synergy’s prior funds claims to have seen nine exits, realising more than $850 million to date, the firm said in a statement.
Synergy expects to deploy about $400 million by the end of 2025, as it accelerates investment activity in Asia.
The investment comes at a time when mid-market companies are increasingly attracting private credit, as traditional equity financing tightens amid a volatile funding environment.
Last month, global investment manager Franklin Templeton Alternative Investments announced the first close of its debut credit-focused alternative investment fund (AIF) in India, securing over Rs 205 crore ($24 million) for Franklin India Credit AIF – Scheme I.
In the same month, private credit and real assets-focused investment firm Neo Asset Management achieved the first close of its second flagship private credit fund – the Neo Special Credit Opportunities Fund-II (NSCOF II) – at $232.8 million (Rs 2,000 crore).
Separately, British International Investment, the UK’s development finance institution (DFI), is also actively exploring opportunities in private credit through investment in credit funds, Srini Nagarajan, Managing Director and Head of Asia at BII, told DealStreetAsia in an interview recently.
“Amid market volatility, private credit is poised to bridge critical funding gaps in infrastructure and industrial sectors worldwide. Rapid urbanixation, supply-chain realignment, and transition to green energy are key needs for the overall growth of most Asian economies in the coming decade, offering a strong investment pipeline.” Maheshwari said in a statement.
Founded in 2017, Synergy Capital operates across Dubai, Singapore, and India and provides institutional investors with exposure to structured private markets in growth economies.
