Private Credit funds in India: manager research directory

360 One Asset (credit)

2008

Special opps credit + RE credit

Senior-secured lending, structured credit, special situations

360 ONE Income Opportunities Fund Series 7

2023

Performing private credit; secured and structured debt for established Indian businesses

Financial services, consumer, healthcare, industrials

A K Securitization & Credit Opportunities Fund II

2023

Performing private credit; securitised debt and growth capital

MSME and vehicle finance, fintech, mortgage

Aavishkaar Capital Global Supply Chain Support Fund

2022

Structured private credit; growth and supply-chain finance

Food and agritech, green manufacturing, logistics and supply chain, renewables and climate

Aditya Birla Real Estate Credit Opportunities Fund II

1994

Senior-secured real-estate credit

Residential development, brownfield real estate, mid-market developers

Alpha Structured Credit Opportunities Fund

2022

Structured credit and special situations with equity upside

Industrials, infrastructure, manufacturing, special situations

Alteria Capital

2017

Venture debt

VC-backed startups

Anicut Capital (credit)

2016

Private credit (SME/promoter)

Mezzanine debt, structured credit, growth capital

Apollo Global Management (India credit)

1990

Direct lending, hybrid, special sits

Investment-grade private credit, infrastructure finance, hybrid capital

Arnya Real Estate Fund – Debt

2024

Residential real-estate private credit; growth capital and secured project debt

Residential real estate, affordable housing, project finance

Ascertis Credit (fka BPEA Credit)

2011

Performing + structured credit

Performing credit, growth capital, structured lending

Ascertis Credit India Fund III

2020

Performing private credit; senior secured and structured debt for Indian mid-market companies

Financial services, technology, infrastructure services

Ascertis Credit Select Short Term Income Fund I

2024

Short-duration performing private credit; senior secured and bespoke growth capital

Financial services, construction materials, industrials, healthcare

ASK Property Fund

2009

RE credit + equity

Residential developers

Avendus (Structured Credit)

2017

Structured/performing credit

Structured credit, performing credit, special situations

Avendus Structured Credit Fund II

2022

Structured private credit; senior-secured and mezzanine growth capital

Manufacturing, healthcare, technology, education

Axis RERA Opportunities Fund I

2018

Structured real-estate project debt

Residential real estate, affordable housing, project finance

Axis Structured Credit AIF I–II (bundled)

2009

Secured structured credit and private credit

Mid-market businesses, infrastructure, structured finance

BlackSoil Capital

2016

Venture debt + structured

Startups + SMEs

BlackSoil India Credit Fund II

2024

Performing and structured private credit; secured growth capital

Consumer, financial services, technology, healthcare

BlueOrchard Impact Credit S.A. SICAV-RAIF

2023

Private debt; financial inclusion and climate credit

MSME finance, digital financial services, renewable energy, climate adaptation

BlueOrchard India Sustainable Infrastructure Debt

2001

Infrastructure debt

Renewable energy, EV infrastructure, affordable housing

BlueOrchard Microfinance Fund

2007

Private debt; microfinance and financial-institution lending

Microfinance, affordable housing, SME finance, financial inclusion

Cerberus Capital (India)

1992

Distressed / NPL

Stressed assets, corporate credit, real estate

Certus Capital

2018

RE credit (senior secured)

Residential developers

Davidson Kempner (India)

1983

Special situations

Stressed corporates, RE

EAAA India Alternatives (Edelweiss Alternatives)

2008

Performing credit, special situations, infra yield, RE credit

Performing credit, special situations, real-estate credit, infrastructure yield

EAAA India Special Assets Fund III (ISAF III)

2021

Special situations, stressed assets and structured capital

Special situations, manufacturing, real estate

Edelweiss Special Opportunities Fund III (ESOF III)

2019

Performing private credit; structured financing, promoter financing and special situations

Industrials, life sciences, agrochemicals, real estate

Farallon Capital (India)

1986

Special situations

Stressed corporates, real estate, structured credit

Franklin India Credit AIF – Scheme I

2025

Senior secured and structured private credit; financial-services and operating-company debt

Financial services, housing finance, SME lending, consumer businesses

GMO-Z.com Payment Gateway India Credit Fund

2020

Impact private credit; NCDs to Indian financial-inclusion and fintech businesses

Microfinance, fintech, non-bank finance

Grand Anicut Fund IV

2022

Senior secured private credit; growth, acquisition and refinancing capital

Consumer, SaaS, manufacturing, engineering services

HDFC Capital Advisors

2016

RE credit (affordable housing)

Residential developers

ICICI Prudential Corporate Credit Opportunities Fund (AIF II–III bundled)

2025

Performing private credit; secured corporate lending

Financial institutions, healthcare, industrials, consumer

InCred Alternatives

2022

Performing credit + special opportunities

VC-backed + institutional mid-market

InCred Credit Opportunities Fund II

2024

Performing private credit; senior secured growth and refinancing capital

Consumer, financial services, technology, industrials

InCred Special Opportunities Fund I

2025

Special situations credit

Industrials, energy, hospitality, special situations

InnoVen Capital (Temasek/Seviora)

2008

Venture debt

Venture debt, growth-stage technology, healthcare

InnoVen Capital India Fund II

2022

Venture debt for growth-stage technology, healthcare, consumer and digital businesses

Technology, healthcare, consumer, digital businesses

Investec Emerging India Credit Opportunities Fund II

2024

Performing private credit; senior-secured structured debt

Mid-market corporates, manufacturing, infrastructure, healthcare

Keppel Private Credit Fund III

2024

Infrastructure private credit and bespoke intermediate capital

Renewables, digital infrastructure, transport, social infrastructure

KKR India Debt Opportunities Fund II

2016

Structured and performing private credit; senior and mezzanine debt

Healthcare, industrials, real estate

Kotak Alternate Asset Managers — Private Credit

2005

Performing private credit, strategic situations and structured financing

Mid-market businesses, promoter financing, healthcare and special situations

Kotak Credit Opportunities Fund

2025

Performing private credit and structured solution capital

Mid-market corporates, acquisition finance, growth capital

Kotak Mahindra AMC (private credit)

2024

Performing credit

Performing credit, acquisition finance, mid-market corporates

LC Venture Debt Fund

2023

Venture debt; Series A and later

Fintech, healthtech, mobility, consumer technology

LICHFL Real Estate Debt Opportunities Fund I

2021

Structured real-estate private credit

Affordable housing, residential real estate, SME developers

Microfinance Initiative for Asia (MIFA) Debt Fund

2006

Private debt; inclusive-finance and MFI lending

Microfinance, affordable housing, SME finance, women’s financial inclusion

Mirae Asset Credit Opportunities Fund

2018

Structured real-estate credit and asset-backed lending

Logistics, industrial real estate, housing

Modulus Alternatives (ex-Centrum Alternatives)

2012

Performing credit

Performing private credit, growth capital, refinancing

Modulus India Credit Opportunities Fund

2023

Performing private credit, growth capital and refinancing for Indian mid-market businesses; Performing private credit; multiple fund vintages bundled

Healthcare, pharmaceuticals, financial services, industrials

Motilal Oswal Alternates (India Credit Excellence Fund I)

2026

Performing private credit; structured debt and equity-linked capital for established mid-market companies

Renewable energy, electric mobility, industrials

Motilal Oswal Real Estate (IREF series)

2013

RE credit

Residential developers

Neo Asset Management

2021

Special credit, infra income, multi-asset

Mid-market special sits, infra yield

Neo Infra Income Opportunities Fund I

2023

Infrastructure income and asset-backed private credit

Roads, renewable energy, infrastructure assets

Neo Special Credit Opportunities Fund (I–II bundled)

2024

Special situations credit; direct lending; bilateral debt buyouts; TopCo lending

Manufacturing, packaging, infrastructure, building materials

Nippon India Credit Opportunities AIF (Schemes 1–2)

2023

Performing and structured private credit; senior secured debt for established Indian businesses

Financial services, industrials, housing finance, manufacturing

Nisus Real Estate Credit Opportunities Fund I

2019

Performing real-estate private credit; senior secured project finance

Residential real estate, urban infrastructure, mid-income housing

Nisus Real Estate Special Opportunities Fund I

2022

Special-situations private credit; senior secured and mezzanine real-estate capital

Residential real estate, mixed-use development, stressed assets

Northern Arc Emerging Corporates Bond Trust

2022

Performing corporate credit; senior secured NCDs; emerging-company finance

New-age companies, renewable energy, corporate finance

Northern Arc Finserv Fund

2024

Performing private credit; financial institutions and underserved-sector lenders

MSME finance, microfinance, vehicle finance, consumer finance

Northern Arc Fintech NBFC Fund I

2024

Fintech and NBFC private credit; senior debt and NCDs

Fintech, microfinance, vehicle finance, small-business and consumer finance

Northern Arc Investment Managers

2014

Performing credit to financial intermediaries

NBFCs, MFIs, HFCs, SME lenders

Oaktree Capital (India)

1995

Distressed, special sits

Private credit, real estate debt, stressed assets

PAG Credit & Markets (India)

2002

Private debt and special situations

Real estate, industrials, corporate finance

Piramal Alternatives (credit)

2021

Performing + structured credit

Performing credit, structured credit, healthcare

Piramal Alternatives India Credit Opportunities Fund II

2023

Performing private credit; growth and refinancing capital

Healthcare, pharmaceuticals, industrials, consumer and automotive

Piramal Performing Credit Fund

2021

Performing private credit; growth, refinancing and structured debt

Industrials, healthcare, consumer, mobility and technology

Piramal Structured Credit Opportunities Fund

2020

Performing and structured private credit; growth and special situations

Healthcare and pharmaceuticals, technology, financial services, industrials

RevX Capital

2020

Performing and special-situations private credit

Asset-heavy businesses, manufacturing, B2B, consumer brands

SBI Alternative Debt Fund

2018

Special situations private credit; secured and equity-linked financing

Hospitality, manufacturing, industrials

SC Lowy (India)

2009

Secondary loans, special sits, direct

Senior-secured lending, special situations, real estate

Spark Equitized Credit Solutions Fund (II–III bundled)

2025

Performing structured credit; mid-market India

Manufacturing, healthcare, clean energy, digital infrastructure

Stride Ventures

2019

Venture debt

Venture debt, growth credit, climate finance

Stride Ventures India Fund (Debt Funds 3–4 bundled)

2024

Venture debt and structured growth credit

Technology, fintech, SaaS, consumer brands

Sundaram Alternates (credit)

2018

RE credit + performing credit

South India mid-market, RE developers

Sundaram High Yield Secured Real Estate Fund IV

2023

Senior secured and mezzanine real-estate private credit

Residential real estate, commercial real estate, logistics

Sundaram Performing Credit Opportunities Fund – Series I

2024

Senior secured performing private credit

Financial services, technology, manufacturing, infrastructure

SWAMIH Investment Fund I

2019

Priority last-mile debt for stalled residential projects

Affordable housing, mid-income housing, stressed real estate

Trifecta Capital (debt)

2015

Venture debt

VC-backed startups

Trifecta Venture Debt Fund IV

2024

Senior-secured venture debt; growth financing; equity-linked debt

Technology, climate and mobility, healthcare, fintech

True North Credit Opportunities Fund II

2025

Performing private credit and special situations; secured growth and refinancing capital

Middle-market businesses, industrials, infrastructure, technology

True North Private Credit

2022

Performing credit and special situations

Middle-market lending, performing credit, special situations

UTI Structured Debt Opportunities Fund III

2022

Structured private credit; mid-market and bespoke financings

Mid-market companies, structured debt, asset-backed lending

Varde Partners (India)

1993

Special situations credit

Stressed corporates, real estate, infrastructure

Vivriti Alpha Debt Fund (Enhanced bundled)

2023

Performing private credit; secured and structured debt for high-growth companies and specialty lenders

NBFCs, fintech, healthcare, industrials

Vivriti Asset Management

2019

Performing credit (mid-market + FI lending)

Mid-market corporates, NBFCs

Vivriti Diversified Bond Fund

2024

Performing private credit; flexible debt for mid- to large Indian corporates; Private credit; multiple fund vintages bundled

financial services, logistics, NBFCs, infrastructure services

Vivriti Emerging Corporate Bond Fund

2021

Performing corporate credit; NCDs and structured debt

Financial services, MSME lenders, mid-market corporates

Vivriti Fixed Income Fund (Series 3–4, IX bundled)

2022

Performing private credit; secured NCDs for financial inclusion and mid-market lenders

Financial inclusion, NBFCs, fintech lenders

Vivriti Short Term Debt Fund

2024

Short-duration private credit; secured NCDs and structured debt

MSME finance, NBFCs, healthcare services

WSB Real Estate Debt Fund (II–III bundled)

2023

Real-estate private credit; senior secured construction and project finance

Residential real estate, affordable housing, urban development