Motilal Oswal Alternates (MO Alts), the alternative investment arm of Motilal Oswal Financial Services, today announced the first close of its maiden private credit fund, India Credit Excellence Fund - I ('the Fund') , at INR 1,700 crore. This includes an INR 200 crore commitment from the Sponsor and its affiliates. The Fund, launched in January 2026, targets a total corpus of INR 3,000 crore including green shoe.
About the Fund and MO Alts
The Fund marks a significant chapter in MO Alts' 20-year journey as India's premier alternatives platform and a meaningful step in its evolution towards a multi-asset alternatives firm. MO Alts has built a distinctive track record across private equity and real estate, having raised over INR 23,000 crore across 11 funds and currently managing ~INR 28,000 crore in assets.The private credit fund is headed by Mr. Rakshat Kapoor, a veteran in the structured financing industry with over 25 years of experience. The investment committee draws on MO Alts' cross-asset expertise, bringing together senior professionals from the private equity and real estate platforms.
The Fund will focus on secured lending and bespoke customized solutions targeting mid-market businesses that are profitable, growing, and fundamentally creditworthy. Leveraging MO Alts' deep equity investing framework, the Fund is designed to capture equity-linked upsides alongside regular credit yields.
Rakshat Kapoor, Head & CIO, Private Credit, MO Alts stated, "The strong first close of INR 1,700 crore achieved within a few weeks of launch is a testament to investor confidence in our investment thesis and in our team's ability to execute."
Motilal Oswal Alternates Overview
Motilal Oswal Alternates, founded by Vishal Tulsyan and Motilal Oswal Group, is a prominent alternative investment platform in India, cumulatively managing ~INR 30,000 crore across private equity, real estate and private credit strategies. Established in 2006, the private equity business manages ~INR 18,000 crore across five funds.In 2009, Motilal Oswal Alternates forayed into real estate, providing early-stage capital to established developers across India's top cities. Today, the real estate platform manages ~INR 10,000 crore across 190+ investments and has successfully delivered over 130 exits. Motilal Oswal Alternates operates as an independent platform within the Motilal Oswal Group, which has businesses across Securities, Asset Management, Wealth Management, Alternatives, Housing Finance, and Investment Banking, and has over ~INR 7 lac crore in assets under advice.
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