MUMBAI, Nov. 27 -- Motilal Oswal Alternates has ventured into private credit through a Rs.3,000 crore maiden fund, marking the group's entry into the fast-growing asset class to back high-growth, profitable firms, a top executive at the company said on Thursday.

"There is a fundamental need for credit as India continues to grow at between 6-7% or more," Rakshat Kapoor who heads Private Credit at the firm, told Mint in an interview. "Over the next few years, with ongoing capex cycle, the high requirement for capital that may not entirely come from traditional sources like banks or public/private equity, a significant chunk will come from the credit funds."

The proposed fund, which includes a green shoe option of Rs.1,500 crore, will blen...