New Delhi, June 2 -- Global private equity firm KKR said Monday it has extended $600 million in credit financing to the Manipal Education and Medical Group to help the Ranjan Pai-led business house accelerate growth.

This is KKR's largest credit investment in India, according to a press statement. The financing will be arranged by KKR Capital Markets and anchored by KKR's private credit and insurance platforms, the PE firm said.

Manipal Group operates various institutions and major businesses across the healthcare, education, and health insurance sectors, including Manipal Hospitals, among India's leading multi-specialty hospitals chains.

"This transaction underscores the strength of our global credit platform and our ability to provide strategic and scaled capital solutions. India is a priority market for our credit strategy," said Diane Raposio, Partner and Head of Asia Credit and Markets at KKR.

KKR says its Asia-Pacific credit platform seeks to provide private credit strategies and bespoke solutions to high-quality companies, entrepreneurs, promoters and sponsors.

Since 2019, KKR has committed more than $8 billion across around 60 credit investments under its Asia Pacific Credit strategy, accounting for a total transaction volume of more than $21 billion.

Globally, KKR offers alternative asset management as well as capital markets and insurance solutions. It sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. Its insurance subsidiaries offer retirement, life and reinsurance products under the management of Global Atlantic Financial Group.

Manipal Group didn't disclose its expansion plan though Pai said it would continue to focus on the health and education sectors. Claypond Capital, Pai's family office and the investing arm of MEMG, has been one of the most active private market investors in recent years. It has invested in companies such as Aakash Education, BPL Medical, BlueStone, Easy Home Finance, FirstCry, Finnable, InCred Finance, the National Stock Exchange, Panacea Medical, PharmEasy, Recykal, and Zepto.

Published by HT Digital Content Services with permission from VC Circle.