New fund · Financial Services

InCred closes maiden special opportunities fund at Rs 1,500 crore

By Startup Enthusiast · 7 April 2026

What they do

InCred Special Opportunities Fund-I closed at its Rs 1,500 crore hard cap

The fund targets old economy businesses with hard asset coverage and cash flows

InCred Alternatives has raised over Rs 4,000 crore across credit and special situation funds

InCred Alternatives has announced the final close of its maiden special opportunities credit fund, InCred Special Opportunities Fund-I, at the hard cap of Rs 1,500 crore.
The fund is a Category II, close-ended Alternative Investment Fund (AIF) (a pooled investment vehicle for sophisticated investors).
Commitments came from domestic family offices, ultra-high-net-worth individuals, and international investors.
Approximately 75% of the fund has been deployed across auto, power, oil & gas, and hospitality sectors.
The fund focuses on old economy businesses with hard asset coverage, established cash flows, and structural downside protection.
InCred Alternatives has raised over Rs 4,000 crore in total across performing credit and special situation funds.

Saurabh Jhalaria, CIO – Private Credit, says India's private credit market is at an early but decisive institutionalisation stage, distinct from the West, with a large supply gap and compelling risk-reward.
Bhupinder Singh, founder of InCred Group, says private credit in India is still early days, the opportunity is exciting, and the team has built discipline in origination, underwriting, and downside protection since 2022.
The fund's focus on old economy sectors with hard assets reflects a cautious approach in a growing market.

InCred Capital is an integrated institutional, wealth, and asset management ecosystem connecting liquidity with Indian investment opportunities.
Wealth Management AUM stands at Rs 1,00,000 crore.
Institutional Equity has served 270+ clients.
Investment Banking has handled ~$7 billion in deal volume.
Alternative Investments is ranked No. 1 private lender by deal volume.
The firm manages performing credit and special situation funds.