Private credit platform Modulus Alternatives has appointed former chief financial officer at Reliance Industries, Alok Agarwal, as an equity partner.
Agarwal will hold 17.65% stake in the private credit manager, promoted by Centrum Group. This could potentially grow to 30% over time, people aware of the matter told VCCircle.
During his tenure of over 18 years as CFO at Reliance Industries, Agarwal played a pivotal role in managing the group's financial resources. He was responsible for overseeing banking relationships and spearheading capital market transactions.
This strategic appointment coincides with Modulus Alternatives' efforts to secure commitments for its second fund, the India Credit Opportunities Fund II. The platform aims to raise a corpus of Rs 1,250 crore, inclusive of a greenshoe option.
The Indian private credit sector is undergoing rapid transformation, emerging as a compelling asset class with the potential to exceed $100 billion and Alok will help towards building an enduring private credit business with a differentiated product offering. Alok’s expertise across fundraising, deal sourcing and structuring will add value to Modulus, the company said in a statement.
Established in 2018, Modulus Alternatives has deployed over Rs 2,300 crore across 20 companies and has successfully exited 11 investments. The firm has returned more than Rs 1,050 crore to its investors to date. Currently, Modulus manages two category-II alternative investment funds. Fund II, which commenced its operations in August 2023, has made five investments and is targetting a gross fund IRR exceeding 16% (pre-expenses).
Centrum Capital, promoted by Chandir Gidwani and Jaspal Bindra, has operated for over two decades in the financial services sector. The group has a diversified presence across various domains, including investment banking, broking, wealth management, affordable housing finance, retail broking, private debt and venture capital through AIFs, MSME loans, and microfinance via Unity Small Finance Bank.
