Kotak Alternate Assets, managed by Kotak Investment Advisors Ltd (KIAL), on Wednesday said it will raise up to Rs 2,000 crore from investors for lending to growth-oriented companies in the mid-market space.
The Kotak Private Credit Fund will be a Rs 1,000 crore alternate investment fund of category II and there will be a greenshoe option to raise another Rs 1,000 crore.
The platform will focus on the performing credit space and provide debt to growth-oriented companies with established business models in the mid-market space to secure mid to high teen returns, a statement said.
Srini Sriniwasan, Managing Director of KIAL, said the effort to raise the fund coincides with the developing private credit ecosystem and will help KIAL increase its footprint in the credit investment space by making secured credit investments.
KIAL has also appointed Niraj Karia from buyout major KKR to lead the private credit practice.
” Niraj will be a senior member of KIAL Alternate Asset Management team, he will add strength and depth to the future plans and objective of building scale to our platform,” Sriniwasan said.
KIAL, a part of the Kotak Mahindra Bank, focuses on the alternate assets business. KIAL was set up in early 2005 and has raised/managed/advised in aggregate over USD 5.1 billion across different asset classes including private equity funds, real estate funds, infrastructure funds, and special situations fund.