New Delhi, July 9 -- RevX Capital, which recently marked the final close of its third private credit fund, is ready with its fourth fund, which is a new offering in the Special Credit Opportunities strategy.
The upcoming Special Credit Opportunities Fund-II will make around 17 investments across various sectors, according to a senior executive at the company.
"The fund opens on the first of August, and we will do our first close two days later. Our deployment pipeline for that fund is done, and we are finishing legal due diligence, financial due diligence and investment committee notes now," Rahul Chowdhury, founding managing partner, RevX Capital said, adding that the firm will deploy 65% at the time of first close, and the remaining 35% over the next three months.
The upcoming offering will have a target corpus of Rs 900 crore (around $95 million), including a greenshoe option of Rs 300 crore. The fund will make investments across seven sectors including manufacturing, agriculture, processing among others. But, it will not invest in technology-focussed entities. Nevertheless, each of these investments will be secured by first charge, which is the highest priority claim a lender can have over certain borrower assets. The average ticket size of these investments will be Rs 60-70 crore (around $6.3-7.4 million).
"While the target is Rs 900 crore, we will close at Rs 1,000-1,200 crore. We do not intend to do a larger fund. The idea is not about raising the money but rather, to put the money to work on time," said Chowdhury.
RevX Capital also plans to launch a fifth fund, which would be its third performing credit fund, in March 2027.
Its performing credit strategies focus on providing working capital support to traditional legacy businesses, while special credit opportunity strategies provide structured capital to asset-heavy businesses with over 10 years of vintage and a clear exit strategy. The net IRR target is 16.5-17.5% for performing credit strategies and 14-15% for special credit opportunities.
RevX's previous funds
Last month, RevX marked the final close of the Special Credit Opportunities Fund-I, after raising the target corpus and a greenshoe option. The fund had a similar target corpus of Rs 900 crore including a greenshoe of Rs 300 crore. It has made 14 investments, in the Rs 25-90 crore range.
The Special Credit Opportunities Fund - I marked the firm's maiden offering in this strategy, and third fund overall.
The Gurugram-headquartered RevX Capital launched its maiden fund in 2023, its second fund in early 2025, and the third in December 2025. The first two funds were in the performing credit space.
Future plans
The firm intends to return the entire principal capital for the first performing credit fund by May 2027, and for the second performing credit fund in 2029, VCCircle learnt.
Additionally, the company intends to launch two new strategies in the private credit segment next year. However, the company refrained from disclosing specific details on these strategies.
"We do not want to open AUM-led funds. The problem with very large funds is always going to be the drawdown issue where, you will keep drawing down over two-to-four years. We do not want that," Chowdhury said.
"We want to be 100% drawdown fund for our investors, where we have one date per month," he added.
So far, RevX has funded over 160 companies and deployed more than Rs 3,100 crore across its credit platforms. Apart from Gurugram, RevX also has an office in Hyderabad and Mumbai with a 35-member team across its offices.
Published by HT Digital Content Services with permission from VC Circle.