Performing Credit

We focus on providing flexible capital to promoters and their companies for growth. Our unique structuring capabilities allow us to create collateralised structures with strong covenants to achieve capital protection.

$ 1.3bn

Capital Commitments

$ 750mn

Dry Powder

33

Investments

22

Exits

Structured Solutions

Our structuring ability and long term orientation helps to create unique solutions to meet varying needs of promoters and their companies.

Growth Orientation

We have an investment philosophy that is oriented towards companies in sectors with secular growth. Investors get to participate in the growth of the company with a part of the returns potentially linked to company performance.

Disciplined Approach

Focus on capital preservation through lending to investment grade companies and a combination of diversified collateral, strong covenants and guarantees.

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“The opportunity to invest in the Performing Credit space is large & growing. Users of credit in this space, both holdcos and opcos need long term, patient-flexible debt capital. The fund construct is ideally suited to provide bespoke solutions to meet these growing needs”

Parag Kothari

Fund Manager – Performing Credit
Parag kothari

Our Portfolio Companies

ophthalmology
Helped India’s largest ophthalmology chain for its growth

A six decade old ophthalmology company with 85 centers and a 33% market share. The company needed additional funds for further expansion. Post our investment, the company received private equity funding from Temasek at significant premium to our entry valuation thereby delivering us attractive credit and upside returns.

solar projects
Provided capital to waste-to-energy and solar projects

A leading player in Waste to Energy (WTE) segment operating 5 WTE plants and 2 solar plants. The company needed capital to refinance its debt and finance growth of its WTE portfolio. Our investment was guaranteed by the cash rich operating company. We successfully exited the investment at the underwritten IRR and an attractive MOIC.

PepsiCo
Growth Funding for Pepsico’s second largest franchise

We invested in the holding company of a listed bottling player in India, which is second largest franchisee for PepsiCo outside the United States. The company also owns a QSR business with global brands like KFC, Pizza Hut, Costa Coffee.

promoter
Provided funding to the promoter of a pharmacy chain
We provided funding to the promoter of one of the largest pharmacy chains in India with a 25%+ market share. The company has ~2000 stores that operate across nine states. The investment was required to buy out an existing PE investor. Our exit was achieved through marquee private equity investors coming in at a significant premium to our entry valuation.