New Delhi, Nov. 18 -- Ascertis Credit, the private credit investor formerly known as BPEA Credit, said Tuesday it has marked the first close of its fourth fund after raising $520 million (about Rs 4,600 crore).
The fund, with a target size of $1 billion, attracted a broad mix of existing and new institutional investors, family offices, and high-net-worth individuals across global markets and India, Ascertis said in a statement.
This is among the largest ever amounts secured at the first close for a private credit fund in India, Ascertis said.
Alternative investment firms start deploying capital after reaching the first close.
The new fund, like its predecessors, will provide credit to high-growth businesses across India and Southeast Asia.
"India is one of the largest and most exciting markets in Asia and the focus on private credit as a strong asset class has grown substantially in recent times," said Kanchan Jain, Head at Ascertis Credit.
The fundraising milestone follows the final close of the Ascertis Credit Select Short Term Income Fund - I earlier this year at Rs 1,000 crore, which was over 25% more than its initial target.
Ascertis has offices in Mumbai, Delhi, and Singapore, and has deployed more than $1.5 billion across its previous funds.
The firm raised $82 million under its first flagship fund, which closed in 2014. It joined Baring PE Asia in 2016 and mopped up $140 million for its second fund. For its third fund, it raised about $475 million in 2022. The same year, it split with Baring PE Asia when the private equity firm was acquired by Swedish buyout firm EQT. It rebranded to Ascertis last year.
Published by HT Digital Content Services with permission from VC Circle.