Anglo-South African bank Investec has raised $155 million ( ₹1,250 crore) for the final close of its maiden India-focused fund, Emerging India Credit Opportunities Fund I, which will focus on lending to mid-market corporates.
The fundraising includes a ₹250 crore sponsor co-investment commitment. It will be managed by Investec Capital Services (India) Pvt. Ltd.
The fund will make senior, secured, private credit investments in mid-market Indian businesses, and their sponsor entities, with a focus on companies with strong promoter pedigree, corporate governance and robust financial performance.
It will also provide private credit solutions for various end uses, like acquisition financing, growth capex, stake buyouts, bridge financing and refinancing. The fund has deployed around 70% of raised capital in senior secured investments across sectors.
“Private credit is registering strong growth internationally over the last decade and is fast evolving in India as well. The investor interest received by the fund underlines the relative appeal of the asset class and the opportunity for private credit financing in India, combined with Investec’s highly successful investment track record in this space over the last nine years in India," said Piyush Gupta, head of private credit, Investec Capital.