Singapore-based Ascertis Credit secures $700 million for Fund IV

Mumbai: Singapore-based fund manager Ascertis Credit Group has secured more than $700 million in commitments for its fourth private credit fund, Fund IV, and is targeting $1 billion as it attracts investments from existing and new global and domestic investors, the company told ET.

Kanchan Jain, head of Ascertis Credit Group, said Fund IV is targeting returns in the mid-teens, with interest from insurance companies, pension funds, development finance institutions and large family offices, among others. The fund has yet to reach its final close, she said.

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Jain said the fund has begun deploying capital and has a healthy pipeline of investments as it looks to build a portfolio of 35-40 companies. Ticket sizes will vary according to the financing needs of individual businesses. The strategy is to create a diversified portfolio of performing companies rather than concentrate on a particular transaction size, she said.

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"We apply a very active portfolio construction approach and create a very diversified and granular underlying portfolio," Jain said, adding that the fund can participate in transactions ranging from about ₹200 crore to significantly larger deals.

Over the 12 years since inception, Ascertis Credit has invested about $2 billion in portfolio companies across multiple sectors through five funds. Its investment focus is on Asia, especially India, Singapore and Southeast Asia, but excludes China.