360 ONE Asset Management Limited (formerly known as IIFL Asset Management Limited) (“360 ONE Asset”), one of India’s leading providers of alternative investment solutions, today announced the successful closure of its fourth private credit fund. This fund, which raised over Rs. 2130 Cr, is the firm’s largest credit fund to date and is more than twice the size of its earlier funds. The fund was launched with a target corpus of Rs. 1500 Cr with a green shoe option. However, the rising interest of investors in the private credit space and the steady track record of 360 ONE Asset have helped garner collections of 1.5 times the originally envisaged corpus. The fund witnessed participation from corporate treasuries, family offices, high net worth individuals (HNIs), and domestic financial institutions.
The fund is a sector-agnostic fund with an underlying investment philosophy focused on providing flexible, bespoke secured credit solutions to clients. The emphasis is on providing credit capital to established well-rated corporates and financial institutions with a proven track record and strong operating history. The fund has already deployed a significant amount across diversified sectors and has a robust pipeline for further investments.
With the closure of this fund, the AUM of the private credit strategy under 360 ONE Asset is inching close to $1 billion and it aims to achieve this milestone in FY24.
Mr. Karan Bhagat, Founder, MD & CEO, 360 ONE WAM Limited said, “Strong investor sentiment has propelled record fundraising in India-focused funds, and 360 ONE Asset’s success in closing its fourth private credit fund at such a scale underscores the long-term promise of India’s private credit story, our strong track record in the private credit asset class and our experienced fund team. We are excited about growing the private credit space in India and are well-positioned as a firm to capitalize on the opportunities in this market.”
Mr. Aakash Desai, CIO & Head, Private Credit, 360 ONE Asset, said, “In India, the private credit asset class is becoming attractive and seeing significant traction as it is a resilient asset class which provides access to bespoke investment opportunities, optimal portfolio diversification and enhanced risk adjusted returns. We are pleased to announce the closure of the fourth fund in the performing private credit space. We hope to maintain our leadership position in this asset class as we scale up our footprint and product offerings.”
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