Marquee family offices, institutions, HNIs and UHNIs joined the fund
Modulus Alternatives, an alternative asset manager, has announced the Final Close of India Credit Opportunities Fund II (ICOF II) with commitments exceeding Rs.700 crore for investing in performing private credit opportunities across India.
ICOF II witnessed participation from marquee family offices, institutions, HNIs and UHNIs, reflecting growing investor confidence in the investment strategy of Modulus Alternatives.
ICOF II is the second fund in the series that provides growth and refinancing capital to performing, mid-market businesses in India, Modulus Alternative said on 1 Sept http://commerce.gov.in.
To date, the Fund has invested in 11 companies, deploying over Rs.1,156 crore, between the Fund and Other Investors, across sectors such as pharmaceuticals, energy, financial services, auto ancillary and healthcare https://www.bseindia.com/.
ICOF II has also distributed consistent quarterly income, generating an annualised cash income distribution rate (including TDS) of 10%, and has already returned more than Rs.43 crore to investors https://www.nseindia.com/.
ICOF II has been awarded the CARE AIF 1 grading by CareEdge Analytics & Advisory, a subsidiary of CARE Ratings Ltd. This is the highest grading assigned to alternative investment funds by CareEdge.
Across its credit platform (Fund I and II), Modulus Alternatives has deployed Rs.2,946 crore between the Fund and Other Investors across 26 transactions, successfully exiting 16, and cumulatively returning over Rs.1,690 crore to investors. Centrum Credit Opportunities Fund (CCOF), Modulus’ maiden fund announced its maturity and complete exit in January 2025, achieving a gross IRR of 17%+.
Modulus Alternatives remains committed in its endeavour to deliver superior risk-adjusted returns and steady income distribution to its investors, while providing bespoke financing solutions to quality businesses.
Modulus Alternatives is backed by the Centrum Group and Alok Agarwal, former Chief Financial Officer of Reliance Industries Limited.
Established in 2018, Modulus Alternatives is one of the early movers in the Indian private credit space. The Firm’s Board is chaired by Vinod Rai, former Finance Secretary and Comptroller & Auditor General of India, and includes Raman Uberoi, Independent Director and Senior Advisor – Government & Regulatory Relations at CRISIL Limited, and a member of SEBI’s Market Data Advisory Committee. Fiinews.com
