Days after launching its maiden private equity fund, InCred Alternative Investments (which is a part of InCred Capital) has achieved the first close of its second credit fund at over Rs 300 crore ($36.2 million). The total targeted corpus is Rs 750 crore.
InCred closed its first credit fund in 2022 at over $60 million to tap companies looking for growth capital to spur their expansion plans.
“In 2022 when we conceptualised our Fund I, we had a thesis that fast-growing and profitable Indian emerging corporates are starved of non-dilutive capital,” Saurabh Jhalaria, CIO of Alternative Credit Strategies at InCred Alternative Investments, told DealStreetAsia in an interview.
“There are very few institutions who are focusing on providing debt capital to this segment of the market,” he added, highlighting that the firm’s focal investment areas are consumer, industrials, cleantech, B2B, healthcare and financial institutions.
InCred Credit Opportunities Fund-II has garnered commitments from a diverse pool of large family offices, ultra-high-net-worth individuals (UHNWIs) and HNIs.
The Indian credit market, said Jhalaria, offers a significant opportunity for alternative investment funds (AIFs) due to a supply gap of nearly Rs 75,000 crore.
The InCred Group, backed by a host of investors such as KKR and the Abu Dhabi Investment Authority (ADIA), has three distinct businesses.
Apart from InCred Capital, which is the group’s institutional, wealth management, and asset management platform, there are InCred Finance, which is a new-age lending-focused NBFC; and InCred Money, a retail wealth-tech investment distribution vertical.
Late last year, InCred Finance raised as much as Rs 500 crore in its Series D round, joining the coveted ‘unicorn’ club in India.
Edited excerpts of the interview:
