Avendus Structured Credit Fund III (ASCF III), the third fund under Avendus’s performing credit strategy, has received commitments of more than Rs 2,200 crore (around $242 million), per an announcement.
With this, the fund has also activated its greenshoe option.
Avendus made the first close of the said vehicle in April 2025, raising about Rs 1,000 crore.
It now aims to raise a total of Rs 4,000 crore, including an additional Rs 2,000 crore through the greenshoe option. Its predecessor, ASCF II, had a fund size of about Rs 1,000 crore.
“Investor commitment continues to scale, driven by larger ticket sizes and sustained participation from existing investors,” said Anshul Jain, Executive Director at Avendus Structured Credit Fund, in a statement.
In terms of limited partners (LPs), the fund has attracted strong interest from high net worth individuals (HNIs) and institutional investors, reflecting continued demand for private credit in India.
ASCF III plans to invest across sectors such as pharma, healthcare, manufacturing, consumer, chemicals, technology and B2B services, with cheque sizes of Rs 200-500 crore.
The fund has already invested over Rs 1,200 crore, or about 60% of the committed capital, and is currently tracking a gross internal rate of return (IRR) of 18%, according to the statement.
Avendus Group is a financial services firm offering investment banking, wealth management, and credit solutions.
Established in 1999, Avendus is a leading financial services firm with a presence in the areas of investment banking,
institutional equities, wealth management, credit solutions, and asset management.
The firm is present in 10 cities across India, the US, and Singapore.
