Neo Wealth and Asset Management’s alternative asset management business, Neo Alternative Asset Managers (NAAM), has raised Rs 6,200 crore ($654 million) for its second Special Credit Opportunities strategy, surpassing its initial target of Rs 5,000 crore.
The fund, which has garnered commitments from family offices and institutional investors, has completed its final close, the company said in a media statement.
Neo Special Credit Opportunities Fund-II (NSCOF-II), a SEBI-registered Category II AIF, provides financing to established Indian businesses. It focuses on acquisition financing, refinancing, growth capital and special situations where traditional lenders are unable to meet a company’s funding needs.
“As we move forward with NSCOF-II, our priority is to deploy capital judiciously and build a well-diversified portfolio of approximately 35-40 investments, with individual deal sizes generally ranging from Rs 150-500 crore,” said Puneet Jain, co-founder and CIO of NAAM.
The fund follows Neo Special Credit Opportunities Fund-I (NSCOF-I), which closed in June 2024 with commitments of Rs 2,575 crore. Since its launch, the first fund has deployed more than 150% of its corpus across 35 investments and exited 17 of them.
Founded in 2021, Neo Wealth and Asset Management serves high-net-worth individuals, institutions and corporates. It manages and advises on client assets worth around Rs 1.4 lakh crore across 17 cities in India and two overseas locations.
The company is backed by Peak XV Partners, TVS Capital, Japan’s MUFG and New York-based Euclidean Capital.
