Piramal Alternatives (credit)
Piramal Alternatives is an institutional-capital platform spanning performing credit, structured credit, growth capital and IndiaRF special situations. Its credit franchise lends to mid-sized and larger Indian corporates, with public evidence of CDPQ-backed capital, sector-agnostic underwriting and multiple realizations across the broader platform.
At a glance
- Founded
- 2021
- Footprint
- Mumbai
- Stage
- Performing + structured 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
Piramal Alternatives (credit) uses a performing + structured credit approach across Performing credit, structured credit, healthcare.
Current evidence
Piramal Alternatives’ 2024 Performing Credit Fund investment in Biodeal Pharmaceuticals was publicly announced at ₹110 crore, and its 2025 India Credit Opportunities Fund II investment in SaiMirra Innopharm was announced at ₹160 crore. Biodeal later reported a full redemption in 2026 at over 20% IRR. Piramal’s current fund page identifies the relevant Category II credit vehicles; broader platform AUM is not a credit-only return measure.
Strategy
Performing + structured credit
Sector focus
Performing credit, structured credit, healthcare
Current signal
Piramal Alternatives’ 2024 Performing Credit Fund investment in Biodeal Pharmaceuticals was publicly announced at ₹110 crore, and its 2025 India Credit Opportunities Fund II investment in SaiMirra Innopharm was announced at ₹160 crore. Biodeal later reported a full redemption in 2026 at over 20% IRR. Piramal’s current fund page identifies the relevant Category II credit vehicles; broader platform AUM is not a credit-only return measure.
Next step
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