India’s private credit market is seeing robust growth with two key players, Neo Asset Management and Avendus PE Investment Advisors, preparing to launch funds targeting a combined $1bn-plus in assets, according to a report by Bloomberg.
The report cites unnamed sources as revealing that Neo Asset Management, a relatively young firm founded in 2021, is looking to raise up to NIR60bn ($699m) for its second private credit fund, according to sources familiar with the matter. Backed by Peak XV Partners and Japan’s MUFG, Neo plans to complete fundraising within the next 18 months, potentially more than doubling the size of its first fund.
Mumbai-based Avendus PE Investment Advisors, meanwhile, a 25-year veteran in the Indian financial markets, is launching its third private credit fund, targeting NIR40bn ($482m).
Anshul Jain, Executive Director for Avendus Structured Credit Funds, announced the new initiative, emphasising the firm’s focus on financing mid-sized companies in key sectors, including pharmaceuticals, manufacturing, chemicals, healthcare, and technology.
