Mumbai, April 7 -- InCred Alternatives has closed its maiden special opportunities credit fund with a corpus of Rs.1,500 crore, joining a wave of investment firms entering India's growing private credit market.

"India's private credit market is at an early but decisive stage of institutionalization and is very different from the private credit market in the West," Saurabh Jhalaria, chief investment officer-private credit at InCred Alternatives, said in a company statement on Tuesday.

"The supply gap is large and the risk-reward potential is compelling," he added.

The special opportunities credit fund has raised capital from domestic family offices, ultra-high-net-worth individuals and international investors. About 75% of the fund has ...