Motilal Oswal Alternates raises Rs 1,700-crore fund

Mumbai: Motilal Oswal Alternates, the alternative investment arm of Motilal Oswal Financial Services, announced the first close of its maiden private credit fund, at ₹1,700 crore. The fund-India Credit Excellence Fund-I-launched in January, is targeting a total corpus of ₹3,000 crore including a green shoe option.

The fund will focus on secured lending and bespoke customised solutions targeting mid-market businesses that are profitable, growing and fundamentally creditworthy, yet unable to access capital at the right tenor and structure from banks or capital markets, it said.

"The platform's entry into this asset class is a natural extension of its existing capabilities. Our strategy spans senior secured lending across growth capital and dislocated credit situations, with the ability to opportunistically participate in equity upside," said Rakshat Kapoor, head and chief investment officer, private credit, Motilal Oswal Alternates. The company estimates the addressable private credit market would surpass ₹10 lakh crore over the next few years, he said.