Modulus Alternatives (ex-Centrum Alternatives)
Modulus Alternatives, formerly Centrum Alternatives, is an India-focused private-credit manager targeting performing credit for mid-market companies. Its public materials provide clear evidence on Fund I deployment and investor returns while positioning ICOF II as the next vehicle.
At a glance
- Founded
- 2012
- Footprint
- Mumbai
- Stage
- Performing credit
Research profile
Read the manager in sequence.
Open a section to inspect the evidence. The first view starts with the investment point of view; the rest stays quiet until you need it.
Investment lens
Modulus Alternatives (ex-Centrum Alternatives) uses a performing credit approach across Performing private credit, growth capital, refinancing.
Current evidence
Modulus Alternatives’ third private-credit fund, India Credit Opportunities Fund III, reached a first close above ₹300 crore on 26 August 2026 against a ₹2,000 crore target including greenshoe. Earlier attributable transactions include a ₹150 crore commitment to Shivam Autotech, a ₹350 crore MedPlus Health Services promoter-level refinancing and a public filing that identifies Wockhardt as a Modulus debt exposure. The current fund vehicle is active, but the manager does not publish a complete borrower schedule.
Strategy
Performing credit
Sector focus
Performing private credit, growth capital, refinancing
Current signal
Modulus Alternatives’ third private-credit fund, India Credit Opportunities Fund III, reached a first close above ₹300 crore on 26 August 2026 against a ₹2,000 crore target including greenshoe. Earlier attributable transactions include a ₹150 crore commitment to Shivam Autotech, a ₹350 crore MedPlus Health Services promoter-level refinancing and a public filing that identifies Wockhardt as a Modulus debt exposure. The current fund vehicle is active, but the manager does not publish a complete borrower schedule.
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