360 One Asset Management Closes Fourth Private Credit Fund at INR 2,130 Cr The fund will now take exposure to distressed situations in addition to lending to financially solvent businesses. It has a three-year life span.

By Sujata Sangwan

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The fourth private credit fund from 360 One Asset Management Ltd, formerly known as IIFL Asset Management Ltd, closed on Friday after raising more than INR 2,130 crore, making it the company's largest fund to date. It is more than double the size of its previous fund, which was worth INR 1,000 crore.

The fund's initial target when it was launched was INR 1,500 crore. Corporate treasuries, family offices, high-net-worth individuals (HNIs), and domestic financial institutions all participated in the fund.

The assets under management (AUM) of the private credit strategy under 360 ONE Asset is inching closer to USD 1 billion with the closure of this fund, the company stated. This milestone is anticipated to be reached in 2023–2024.

"Strong investor sentiment has led to record fundraising for funds with an emphasis on India, and 360 One Asset's success in closing its fourth private credit fund at such a scale underlines the long-term promise of the country's private credit story, as well as our successful track record in the asset class and our experienced fund team. We are excited about expanding the private credit market in India and are well-positioned as a company to take advantage of market prospects," said 360 One WAM Ltd Founder, MD and CEO Karan Bhagat.

The fund will now take exposure to financially troubled companies in addition to lending to financially solvent businesses. It has a three-year lifetime.

According to Aakash Desai, CIO and head of Private Credit at 360 ONE Asset, "The private credit asset class is becoming attractive and seeing significant traction in India as it is a resilient asset class that provides access to bespoke investment opportunities, optimal portfolio diversification, and enhanced risk-adjusted returns."

Sujata is an engineering graduate and has done her Post Graduation in Human Resource Management. She has a deep interest in startups, venture capitalists & technology. She can be reached at sujata@entrepreneurindia.com.

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