At a time when investors have tightened their purse strings in doling out fresh equity capital, InCred Asset Management has announced the first close of its debut credit fund at $36.7 million to tap companies looking for growth capital to spur expansion plans.
The total corpus that the firm is targeting to raise is Rs 500 crore ($61.2 million) with a green-shoe option of another Rs 500 crore. InCred Credit Opportunities Fund I is expected to be closed by the end of next year.
“India is currently at a juncture where many exciting businesses are getting created almost daily,” Saurabh Jhalaria, CIO, Alternative Credit Strategies, at InCred Asset Management, told DealStreetAsia in an interview.
InCred has roped in family offices as well as high-net-worth individuals for its maiden fund and is expected to make 20-25 investments over the next few years through the debt vehicle. At the group level, the firm, however, also manages a category III Alternative Investment Fund that invests in midcap and smallcap stocks.
Through the debt fund, InCred is betting big on cleantech, B2B platform, EV, SaaS, and D2C brands. “These businesses are witnessing a significant growth curve, and we feel that venture debt has a big role to play in these sectors,” said Jhalaria.