DMI Alternatives has closed $120m for its first private credit fund and hired Harein Uppal, previously with the Ontario Municipal Employees Retirement System, to head the platform, according to a report by Bloomberg.
The fund will target companies positioned to benefit from India’s long-term structural growth, with a focus on healthcare, technology and financial services.
DMI Alternatives is an affiliate of DMI Finance, backed by Mitsubishi UFJ Financial Group and Sumitomo Mitsui Trust Bank. MUFG invested about $330m in DMI Finance last August at a $3bn valuation, with proceeds earmarked to expand lending to small and mid-sized businesses.
Private credit deployment in India continues to accelerate, supported by lower borrowing costs, abundant liquidity and rising demand. Deal activity reached $9bn in the first half of the year, up 53% from the same period in 2024, according to EY.
