Private credit investor Modulus Alternatives has appointed former UBS AG executive Sandeep Agarwal as its chief executive officer.
Agarwal succeeds Rakshat Kapoor, who quit Modulus last year and joined Motilal Oswal Alternates as the head of private credit in June 2025.
Prior to this appointment, Agarwal served as the chief executive of UBS AG’s India operations, based in Mumbai.
Agarwal has around 25 years of experience in investment banking and private credit across leading global institutions, including Credit Suisse, JP Morgan, Deutsche Bank, PwC and ICICI Securities. He held a leadership position at Credit Suisse, where he led private credit transactions, built and scaled product platforms, and strengthened institutional relationships.
At Modulus, he will oversee fundraising, investments and operations, and serve on the board and investment committee, according to a press note from Modulus.
Modulus, which is backed by the Centrum Group and former Reliance Industries chief financial officer Alok Agarwal, has deployed Rs 2,996 crore across 26 transactions, and has returned Rs 1,700 crore to investors on a cumulative basis. The firm provides senior secured financing to investment-grade businesses across high-growth sectors including chemicals, healthcare, pharmaceuticals, electric vehicle mobility, and auto ancillaries.
The firm’s maiden fund, Centrum Credit Opportunities Fund, achieved a gross internal rate of return (IRR) of over 17% upon complete exit in December 2024. Modulus recently announced the close of its second fund, India Credit Opportunities Fund II, with over Rs 700 crore of commitments.
