India-based AK Alternative Asset Managers Pvt is planning to raise as much as INR4bn ($48 million) for its latest private credit fund, the AK Securitization and Credit Opportunities Fund, which is expected hold its first close later this month, according to a report by Bloomberg.
The report cites the firm’s Chief Executive Officer Vikas Jain as confirming that then the new fund will provide growth capital to mid-market companies, linking debt repayment to their operating cash flows.
According to Jain, the four-year fund, AK’s second private credit investment vehicle, is reportedly targeting an annual rupee return of about 14% with a monthly payout to its holders, with teh fund set to “take conservative risk, yet fetch investors a high return,” he said.
The fund is expected to hold a final close by March 2024.
