Per sources, Modulus Alternatives has committed 150 crore to listed auto components maker Shivam Autotech via a combination of debt and equity, marking the first investment from its new private credit fund.
The funds managed by Modulus Alternatives will make the investment, including its second fund, India Credit Opportunities Fund II, which was launched earlier this year with a target corpus of 1,250 crore.
According to sources, the fund has received capital commitments totaling more than Rs 200 crore. Requests for comment were not returned by Modulus Alternatives or Shivam Autotech.
The new fund will invest in mid-sized companies in the performing credit space using a diverse range of instruments and strategies, similar to Modulus' first fund. According to a presentation to investors, the new fund is a category II AIF that will invest in consumption, healthcare, core economy, manufacturing, and industrial companies.