Key Takeaways
- • InCred Alternative Investments secured commitments of over $70mn in its maiden special situations credit fund, InCred Special Opportunities Fund-I (ISOF-I), according to a Business Wire announcement.
- • ISOF-I is a Category II Alternative Investment Fund with a base size of $175mn, including a $60mn green shoe option, and the manager expects further commitments during the year.
- • The fund targets 21-23% returns through a market-agnostic special situations strategy focused on old economy sectors with strong collateral cover.
- • Commitments came from a mix of domestic and offshore limited partners, which the firm cites as evidence of demand for managers with a demonstrated track record in Indian private credit.
- • InCred Alternatives has entered special situations after its performing credit strategy, where it manages two funds with over $150mn in commitments.
Summary
InCred Alternative Investments Private Limited, part of InCred Capital Financial Services Limited, announced that it has secured commitments of over $70mn in InCred Special Opportunities Fund-I (ISOF-I), its first special situations credit fund, according to a Business Wire release dated April 22, 2025. The commitments were drawn from a group of domestic and offshore limited partners. The firm said the raise reflects continued investor interest in the Indian private credit market, particularly in funds managed by teams with a demonstrated track record, and it expects ISOF-I to attract further commitments during the year.
ISOF-I is structured as a Category II Alternative Investment Fund (AIF). It has a base size of $175mn, including a green shoe option of $60mn. The fund is designed to deliver superior risk-adjusted returns through a flexible, market-agnostic strategy that the firm says will generate regular distributions. It focuses on old economy sectors with strong collateral cover, which the firm positions as a downside-protection mechanism alongside a well-diversified portfolio.
Saurabh Jhalaria, Chief Investment Officer - Private Credit at InCred Alternatives, said the team aims to generate 21-23% returns by leveraging InCred Group's origination capabilities and a seasoned underwriting team. He cited opportunities including dislocated secondary positions, cash flow mismatch situations arising in the economic cycle, and flexible debt solutions.
The launch extends InCred Alternatives' existing franchise. The firm already manages two performing credit funds with more than $150mn in commitments and a track record of income distributions. The firm also offers funds across private equity and quant strategies, according to its company description. The offering is private placement only and by invitation.
ISOF-I is structured as a Category II Alternative Investment Fund (AIF). It has a base size of $175mn, including a green shoe option of $60mn. The fund is designed to deliver superior risk-adjusted returns through a flexible, market-agnostic strategy that the firm says will generate regular distributions. It focuses on old economy sectors with strong collateral cover, which the firm positions as a downside-protection mechanism alongside a well-diversified portfolio.
Saurabh Jhalaria, Chief Investment Officer - Private Credit at InCred Alternatives, said the team aims to generate 21-23% returns by leveraging InCred Group's origination capabilities and a seasoned underwriting team. He cited opportunities including dislocated secondary positions, cash flow mismatch situations arising in the economic cycle, and flexible debt solutions.
The launch extends InCred Alternatives' existing franchise. The firm already manages two performing credit funds with more than $150mn in commitments and a track record of income distributions. The firm also offers funds across private equity and quant strategies, according to its company description. The offering is private placement only and by invitation.
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