Alternative credit platform BlackSoil Asset Management on Thursday said it has deployed nearly $79 million (Rs 750 crore) across 40 companies through its second credit fund, BlackSoil India Credit Fund II (BICF II), which raised Rs 500 crore ($52 million) in the final close.
The deployment, equivalent to 1.5 times the fund’s corpus, was enabled by recycling repayments and exit proceeds into fresh investment opportunities, allowing the capital to be deployed multiple times over the fund’s life, the firm said in a statement.
BICF II has achieved 100% drawdown of investor commitments since its launch in October 2023 and has completed 10 exits, the statement added.
“Achieving full drawdown of BICF II and deploying Rs 750 crore through active capital rotation reflects the strength of our investment approach and our ability to support businesses across their growth journeys. The Fund was built on a simple conviction that India’s next phase of growth will be powered by sustainable, well-run businesses with strong cash flows and predictable revenues,” said Chirag Shah, Executive Director, BlackSoil Asset Management.
“Our vision extends beyond this fund. We intend to build a platform of focused, thematic credit funds that address specific market opportunities and investor needs,” he added.
A SEBI-registered Category II Alternative Investment Fund, BICF II provides performing credit to high-growth businesses across sectors such as financial services, fintech, climate tech, electric vehicles, healthcare, consumer, SaaS, deeptech and mobility.
The fund’s portfolio is diversified across sectors, with consumer and internet businesses accounting for 35% of allocations, followed by fintech and financial services at 25%. Mobility, IoT, SaaS and deeptech together account for another 25%, while healthcare and healthtech make up the remaining 15%.
The fund has attracted commitments from a diversified pool of family offices and high-net-worth individuals, with repeat investors accounting for a majority of commitments, indicating continued confidence in BlackSoil’s credit investment strategy.
Companies financed by BICF II include Mintoak, Euler Motors, Curefoods, Bluestone, AgroStar and Progcap.
