HedgeCo.Net — Modulus Alternatives Investment Managers said Wednesday it had completed the first close of India Credit Opportunities Fund III with gross commitments of more than Rs 300 crore. Moneycontrol printed the firm’s announcement. Investment Guru India independently carried the same first-close figure above Rs 300 crore. VCCircle independently headlined the same first close of the third private credit fund.
ICOF III is a SEBI-registered Category II alternative investment fund. Moneycontrol said the target corpus is Rs 1,000 crore with a matching greenshoe that could take total size to Rs 2,000 crore. Investment Guru India framed the same economics as a Rs 2,000 crore target including a Rs 1,000 crore greenshoe. Print the first-close figure and the Rs 2,000 crore ceiling; do not invent a hard final-close total.
The book will focus on performing credit in established businesses, emphasizing senior-secured structures and covenant protection, the firm said. First-close capital came from ultra-high-net-worth and high-net-worth individuals, institutions, and sponsors and affiliates. Across its credit platform Modulus said it has facilitated more than Rs 3,250 crore across 32 investments, completed 21 exits with 20 before maturity, returned more than Rs 1,900 crore, and recorded no credit losses to date. Those are firm track-record claims, not ICOF III returns.
The allocator object is an India private-credit first close still raising toward a larger hard cap, not a final close and not a USD conversion of the first-close ticket. Anyone printing a dollar total as if Modulus disclosed one has left the sourced rupee tape. It is a first close, not a final.