InCred Alternative Investments Pvt Ltd, the asset management arm of InCred Group, said Thursday it has secured over Rs 600 crore ($70 million) in commitments for its maiden special situations fund.
The InCred Special Opportunities Fund-I (ISOF-I) garnered commitments from both domestic and overseas limited partners, InCred said in a statement.
The company expects to garner more commitments for the fund during the year, it said. Earlier, the company has tapped large family offices, ultra-HNIs and HNIs, both domestic and overseas, for its other funds.
The new alternative investment fund has a base target of Rs 1,000 crore and a greenshoe option of Rs 500 crore.
This fund marks InCred Alternative’s entry into the special opportunities segment following two funds in the performing credit strategy.
InCred said the fund will focus on old-economy sectors with a strong collateral cover ensuring a downside-protected and well-diversiï¬ed portfolio. The fund will adopt a flexible investment strategy and expects returns much higher than performing credit mandates, the company said.
“By leveraging InCred Group’s origination strengths and underwriting team, we aim to generate 21-23% returns,” said Saurabh Jhalaria, chief investment officer of private credit at InCred Alternative.
ISOF-I will seek to capitalise on evolving themes like dislocated secondary opportunities, cash flow mismatch situations, and flexible debt solutions, he added.
InCred Group is a diversiï¬ed ï¬nancial services group comprising three businesses — InCred Finance, InCred Capital, and InCred Money. Part of InCred Capital, InCred Alternative offers investment opportunities in funds across private credit, private equity, and quant.
InCred Alternative marked the final close of its maiden private credit fund at Rs 660 crore (including the greenshoe option) in October 2023. Last year, it hit the first close of its second private credit fund at Rs 300 crore ($36.2 million), which had a target corpus of Rs 750 crore and an equivalent greenshoe option.