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B. G., Opalesque Geneva:

India's biggest alternative manager, Kotak Investment Advisors Limited (KIAL), is pushing into private credit.

"The nature of opportunities now is going to be more M&A, growth-oriented financing," Srini Sriniwasan, KIAL's managing director, told the Financial Times, adding there are also opportunities in Indian commercial real estate and in acquisition financing. According to the paper, the Mumbai-based manager is competing with a wave of investment from private capital and pension funds for deals.

KAIL announced the first close of its second distressed assets fund, called Kotak Strategic Situations Fund II (KSSF II), at the end of March.

KSSF II counts investors such as sovereign wealth funds GIC and ADIA. It has secured $1.25bn, and is targeting $1.6bn in total. The sector-agnostic fund will provide equity, debt capital and hybrid capital.

The manager's first distressed fund, Kotak Special Situations Fund (KSSF I), has returned 20% since its launch in 2019, said the FT.

"In line with the changing market, KSSF II is now positioned to provide strategic solution capital for unique circumstances and to finance the impending capex growth cycle that we expect to play out over the next couple of years," said......................

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