New Delhi, April 23 -- IIFL Capital Services Ltd, a financial services firm that counts Canadian investment firm Fairfax as an investor, has marked the first close of a private credit fund after securing Rs 500 crore ($53.2 million) in commitments.
The IIFL Capital Credit Opportunities Fund reached its initial target corpus and has now exercised the greenshoe option of an additional Rs 500 crore, the company said in a press note.
The fund attracted "strong participation" from high-net-worth individuals and family offices, the company said, without disclosing the investors' names.
"India's private credit landscape is at an inflection point, and this fund is designed to participate across the full spectrum of credit opportunities," said Purshotam Agarwal, fund manager at IIFL Capital Asset Management, the investment manager to the fund.
Agarwal said the fund's investment team has started evaluating investment opportunities, and will make the first deployment shortly. The fund aims to deploy capital across a diversified set of credit opportunities, maintaining a disciplined investment approach whilst targeting attractive risk-adjusted returns.
The fund is IIFL Capital's maiden offering in the private credit space. In late 2025, the company told Bloomberg that it aimed to raise up to Rs 4,000 crore over two years to fund mid-sized Indian companies.
IIFL Capital was earlier known as IIFL Securities and rebranded in 2024. The company provides investment banking, institutional equities, wealth management and capital market services to domestic and international clients. It has over $28 billion worth of assets under management and custody and a nationwide network of more than 100 branches and over 3,100 external wealth managers.
Published by HT Digital Content Services with permission from VC Circle.