New Delhi, Sept. 4 -- India's private-credit market is seeing growing demand for something it does not yet have at scale: a true secondary market.

Investors are increasingly looking beyond fresh fund commitments to seasoned credit assets, where repayment history, borrower performance and expected cash flows are already visible, But most transactions in India today are refinancings or early sell-downs, rather than the investor-to-investor portfolio trades typical of mature credit-secondary markets, industry participants told Mint.

That could change as more private-credit managers build multiple fund vintages and earlier funds approach maturity, creating a larger pool of established assets for investors to buy.

The appeal is greater visi...