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HedgeCo.Net \u2014 Ascertis Credit, the India- and Southeast Asia-focused performing private credit manager formerly known as BPEA Credit, said its Fund IV has crossed $700 million of commitments. The fund is targeting $1 billion and has not yet held its final close, head of Ascertis Credit Group Kanchan Jain told The Economic Times.<\/p>\n
The latest close drew re-ups from existing limited partners alongside first-time commitments from global and Indian investors, including insurance companies, development finance institutions and family offices, the firm said. Jain told the newspaper that the fund is targeting returns in the mid-teens and has drawn interest from pension funds as well as insurers and large family offices.<\/p>\n
The fund has started deploying capital and plans to build a portfolio of 35 to 40 companies, with ticket sizes varying by borrower needs, according to The Economic Times. Jain said the manager applies an active portfolio construction approach to build a diversified, granular book and can take part in deals from about ?200 crore to much larger transactions. Ascertis focuses on Asia excluding China, with an emphasis on India, Singapore and Southeast Asia.<\/p>\n
Over 12 years, the team has invested about $2 billion across five funds. The firm has a 42-person team with offices in Singapore, Delhi, Mumbai, GIFT City and Bangalore. “Private credit in Asia is increasingly filling a significant funding gap in the credit markets,” Jain said, pointing to the financing needs of established, growing businesses that fall outside traditional bank lending.<\/p>\n
For global allocators, Asia ex-China performing credit offers a way to diversify private credit books away from crowded U.S. sponsor lending, at higher target returns. The trade-offs are currency exposure, enforcement and restructuring regimes that differ from U.S. and European norms, and smaller deal sizes. Whether Fund IV reaches its $1 billion target will be a useful read on how far that diversification argument has traveled with institutional investors.<\/p>\n","protected":false},"excerpt":{"rendered":"
HedgeCo.Net \u2014 Ascertis Credit, the India- and Southeast Asia-focused performing private credit manager formerly known as BPEA Credit, said its Fund IV has crossed $700 million of c\u2026 Continue reading