Indian alternative investment solutions provide 360 ONE Asset Management (formerly known as IIFL Asset Management Limited) has successfully closed its fourth private credit fund, which raised over 2,130 crore Indian rupees (around US$259 million) and is the firm’s largest credit fund to date, more than twice that of earlier funds.
The fund was launched with a target corpus of 1500 crore rupees, plus a green shoe option. However, the rising interest of investors in the private credit space and the steady track record of 360 ONE Asset, says the company, have helped garner collections of 1.5 times the originally envisaged corpus.
The fund, which witnessed participation from corporate treasuries, family offices, high-net worth individuals and domestic financial institutions, is a sector-agnostic fund with an underlying investment philosophy focused on providing flexible, bespoke, secured credit solutions to clients.
The emphasis is on providing credit capital to established well-rated corporates and financial institutions with a proven track record and strong operating history. The fund has already deployed a significant amount across diversified sectors and has a robust pipeline for further investments.
With the closure of this fund, the total value of assets under management of the private credit strategy under 360 ONE Asset is inching close to US$1 billion, which the company says it aims to achieve in FY24.
Aakash Desai, CIO and head of private credit at the asset manager, points out: “In India, the private credit asset class is becoming attractive and seeing significant traction as it is a resilient asset class that provides access to bespoke investment opportunities, optimal portfolio diversification and enhanced risk adjusted returns.”