Investment philosophy
We don’t chase yield.We underwrite risk.
A SEBI-registered Category II Alternative Investment Fund, built on three decades of fixed-income discipline
Our process
How we invest
Our process is built around understanding the credit before committing capital. We look beyond the headline yield to assess the business, its cash flows, the purpose of funding, the risks, and each transaction’s structure.
OriginateWe source directly — through three decades of relationships across India’s debt capital markets.
Our network provides access to opportunities across operating businesses and established groups, which are screened for their fit with the fund’s investment approach.
UnderwriteWe underwrite the borrower, the business and the cash flows — not simply the collateral.
We examine the borrower’s business model, financial performance, cash-flow generation, repayment capacity and the purpose for which capital is being raised.
StructureWe structure each investment around the underlying credit and its cash flows.
Covenants, repayment schedules, escrow mechanisms, DSRA structures and other credit enhancements are considered based on the requirements of each transaction.
MonitorMonitoring continues throughout the investment period.
We track business performance, cash flows, covenants, ratings, leverage, receivables and liquidity throughout the investment period, with ongoing review against agreed parameters.
ApproveInvestment moves from Committee approval to completion of all required steps before funding.
Every investment follows a defined approval process before capital is invested, subject to Investment Committee approval, with the relevant structuring, documentation and conditions precedent completed before funding.
ExitThe repayment route is defined before the capital is committed.
Before investing, the fund identifies the expected exit route and the conditions required for it. Each investment is structured with a defined path to realisation, based on the nature and structure of the transaction.
Our credit test
Five questions before we invest
Every credit is assessed through the same process. The order never changes; each deal is looked at through the same set of questions.
- Is the business fundamentally sound?
- Is the cash flow sufficient to service and repay the debt?
- Is the downside adequately protected?
- Are we being appropriately compensated for the risk we are taking?
- Do we have a credible path to exit?
If we cannot answer these with conviction,
we walk away.
The outcome
Consistent and Selective investing strategy designed to optimize portfolio quality
We are not trying to be the highest-yielding credit fund in the market. We aim to be a disciplined and selective credit investor by understanding the risks, structuring transactions thoughtfully and maintaining discipline throughout the investment lifecycle.
Return is what is left after the risk has been paid for.
Our credit DNA
Our Credit DNA
Built on discipline. Focused on opportunity.
Asset Coverage
Every investment is backed by assets and collateral.
Cash Flow
Underwritten on the business’s ability to pay, not asset value alone.
Collateral Backing
Supported by enforceable collateral defined within the transaction structure.
Covenant Focus
Covenants and repayment terms structured around the specific transaction.
Active Monitoring
Business and credit parameters tracked from investment through to exit.
Strict Selection
The same test, applied to every opportunity, without exception.
A conversation,
before anything else.
Speak directly with the desk
Offered only to eligible investors with a minimum commitment of ₹1 crore | SEBI-registered Category II Alternative Investment Fund.