New Delhi, Dec. 5 -- Markets, for all their noise and movement, are cyclical in nature. Optimism builds gradually, peaks, and then, often without warning, gives way to unease. At the time of global market volatility, investors, particularly those who have already played the equity cycle, are asking a different question: where can I find relatively steady, risk-adjusted returns without being affected by global sentiment swings?

For those who've worked across asset classes, through crisis and calm, the answer lies in the private credit space, more specifically, in well-structured Alternative Investment Funds (AIFs) that are linked to India's real economy.

Over the last two decades, private credit AIFs have evolved from a niche concept int...