New Delhi, July 22 -- Mumbai-based 360 One Asset, which closed its fifth private credit fund earlier this year, is set to launch a new vehicle soon to make debt investments in profitable companies looking to grow, acquire new assets or expand their business, a senior executive told VCCircle.
The firm is looking to launch a $400-500 million (Rs 3,857-4,822 crore) fund in the current financial year. The target size will include a greenshoe option, though 360 One did not specifically disclose the greenshoe amount.
"We will be sector-agnostic and avoid cyclical sectors such as real estate, financial services, commodities, thin margin businesses and asset-light businesses," Aakash Desai, CIO and head of private credit, 360 ONE Asset said, adding that the firm intends to do one or two closes by the end of this year, and the final close in the middle of next year.
In March, the alternative asset manager marked the final close of its fifth private credit fund, with total commitments of Rs 3,500 crore (around $379 million).
The company said the funds received commitments from pension funds, insurance companies, family offices and high-net-worth individuals.
The firm said it has fully deployed the fifth fund. Notably, the fund has made 12-14 investments and expects to make a couple of partial exits over the next 6-12 months. The fund will subsequently redeploy that capital across 14-17 assets on a steady state basis.
The fund is targeting a gross internal return (IRR) of 14-16%.
"Our focus is on industrials, pharma, healthcare, infrastructure and energy-related industries where we can build a strong credit package with a combination of assets and cash flows," Desai said.
360 One has originated over Rs 6,600 crore of private credit transactions in 2024, and around Rs 7,000 crore in 2025.
The firm launched the fourth private credit fund in 2024 and raised over Rs 2,130 crore for it. The company raised Rs 600 crore for its first fund, launched in 2014. In 2018, it raised the second fund, collecting Rs 1,195 crore. It followed with the third fund in 2023, raising Rs 1,037 crore.
The company said it fully returned the capital for the first three funds.
"We would love to increase returns through upsides, and have achieved this in a couple of situations. But we do not plan to enter distressed situations. We will look at growth situations and try to capture the value upside for a special situations-type return," he said.
360 ONE, founded by Karan Bhagat and co-founder Yatin Shah in 2008 as IIFL Wealth and Asset Management, manages around $11 billion across listed and alternative assets, including around $6 billion in private market investments across alternative investment funds, portfolio management services, and mutual funds.
Published by HT Digital Content Services with permission from VC Circle.