New Delhi, May 13 -- Mumbai-based financial services firm Prabhudas Lilladher's asset management arm, PL Capital, has unveiled its maiden alternative investment fund, a performing private credit vehicle, and aims to mark its first closing milestone in a couple of months' time, a top executive told VCCircle.
The PL Capital Performing Credit Fund has a target corpus of Rs 500 crore and a greenshoe option of an equal additional amount, the firm said. The fund manager expects to hit the first close, which would allow it to start deploying capital, is expected by the end of July, Samir Satyam, Director-AIF at PL Capital, told VCCircle.
The Category-II alternative investment fund was registered with the Securities and Exchange Board of India in November 2024. The fund's mandate is to make secured debt investments in both listed and unlisted companies across sectors excluding real estate.
PL Capital also said that the fund is designed to meet the needs of ultra-high-net-worth individuals, HNIs, family offices, and institutional investors who seek access to exclusive private credit opportunities, portfolio diversification, risk-adjusted returns and capital preservation.
Among other recent developments in the private credit segment, VentureSoul Partners aims to wrap up a fund by December this year. Avendus PE, which is raising its third private credit fund, secured about Rs 1,000 crore for the vehicle. Franklin Templeton, a global asset manager, raised Rs 205 crore for its maiden private credit vehicle, marking the first close after the launch of the fund in September last year.
Published by HT Digital Content Services with permission from VC Circle.