(Reuters) -Fund manager Ascertis Credit said on Tuesday that it had notched a $520 million first close for its private-credit fund, one of the largest of its kind in India.
The first close marks the end of the initial offer period, while Ascertis Credit still aims to raise $1 billion, having garnered interest from institutional investors, family offices, and high net worth individuals across global markets and India for the fund, it said in a statement.
The new fund positions the private credit player to lend to growth businesses in its target regions of India and Singapore-Southeast Asia.
The raise comes at a time when markets globally are witnessing a private credit boom. The category has grown rapidly in India too, as companies seek financing for acquisitions, dividend recapitalization, and promoter funding.
Ascertis’ raise comes days after a Bain Capital executive told Reuters that Asia offers the biggest growth opportunities, while playing down concerns about risks lurking in the private credit space globally.
(Reporting by Nichiket Sunil in Bengaluru)
