Mumbai, April 8 -- Neo Asset Management aims to raise Rs.5,000 crore for a new private credit fund, sensing a bigger opportunity as the public listing market slows amid the stock market slump.

The Neo Special Credit Opportunities Fund-II, launched three months ago, has already secured Rs.2,000 crore from family offices, ultra-high-net-worth individuals, and institutional investors such as insurance firms, Hemant Daga, co-founder and chief executive of Neo Asset Management, said in an interview.

The opportunity for private credit is getting better because equity as a competing pool will shrink for the next six to nine months, said Daga, citing the ongoing correction.

"Over the last two years, the need for capital in special situations-l...