Ascertis Credit, the private credit firm formerly known as BPEA Credit, said Monday it has marked the second close of its fourth fund after raising $700 million.
The fund, with a target size of $1 billion, attracted commitments from existing limited partners alongside new global and Indian investors, including insurance companies, development financial institutions and family offices, the firm said in a statement.
The milestone comes almost a year after the firm announced, in November last year, that it marked the first close of the fourth fund after raising $520 million. This was among the largest ever amounts secured at the first close for a private credit fund in India.
Alternative investment firms start deploying capital after the first close. The new fund, like its predecessors, will provide credit to high-growth businesses across India and Southeast Asia.
“Private credit in Asia is increasingly filling a significant funding gap in the credit markets. As businesses across the region continue to grow and evolve, there is a clear need for flexible and intelligent capital solutions that go beyond traditional lending models,” Kanchan Jain, Head at Ascertis Credit, said in the statement.
“We continue to see strong interest from global investors who recognise the depth of the opportunity in India and Asia, and the potential for performing credit to deliver differentiated, risk-adjusted returns across market cycles,” Jain added.
Ascertis has offices in Mumbai, Delhi, and Singapore, and has deployed more than $1.5 billion across its previous funds.
The firm raised $82 million under its maiden fund, which closed in 2014. It joined Baring PE Asia in 2016 and mopped up $140 million for its second fund. For its third fund, the firm raised around $475 million in 2022. In the same year, it split with Baring PE Asia when the private equity firm was acquired by Swedish buyout firm EQT. It rebranded to Ascertis in 2024.