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Distressed Debt & Special Situations. India's Credit Markets.
Eight Distressed Investment Trust I is a SEBI-registered Category II Alternative Investment Fund (reg. IN/AIF2/18-19/0607), registered in October 2018 and managed by Eight Capital Advisory Services Private Limited — the Mumbai-based investment management entity of the Eight Capital Group, founded in 2005 by Ravi Chachra and Vikram Chachra. Eight Capital is one of India's pioneers in distressed debt and special situations investing, having launched its first fund in 2006 with anchor capital from J.P. Morgan. The group has invested in 14 medium-sized manufacturing companies over its history, restructuring their NPLs under various RBI schemes including Corporate Debt Restructuring (CDR), Strategic Debt Restructuring (SDR), and the Insolvency & Bankruptcy Code (IBC). The investment strategy employs a Debtor-in-Possession (DIP) control approach — providing high-coupon super-priority loans coupled with equity infusion to turn around financially distressed but operationally viable companies, focusing on industrial and cyclical sectors. In 2019, Eight Capital partnered with Emso Asset Management (London) and J.C. Flowers & Co. to acquire a stake in Ambit Flowers Asset Reconstruction Company, subsequently renamed J.C. Flowers Asset Reconstruction Company (JCFARC), to purchase NPLs from Indian banks. Ravi Chachra has been an adviser to the authors of India's Insolvency & Bankruptcy Code and to members of the Bankruptcy Law Reform Committee. The fund operates from 702, Lodha Supremus, Lower Parel, Mumbai, and maintains a US presence in Norwalk, Connecticut.
Eight Capital focuses on distressed debt and special situations in India, deploying an activist and control-oriented investment strategy. The firm provides Debtor-in-Possession (DIP) financing — high-coupon super-priority loans combined with equity — to financially distressed but viable companies, enabling balance sheet restructuring and turnaround. Investment focus is on industrial and cyclical sectors with consolidation potential. The Eight Capital investment approach requires deep domain expertise, patience for thorough analysis, and strong relationships with banks, regulators, and market participants — the firm has maintained a team of 14+ professionals in Mumbai to execute complex restructuring transactions across all phases of the credit cycle.
Ravi Chachra
Co-Founder & Senior Principal
Ravi Chachra is a Co-Founder and Senior Principal of Eight Capital Group. He is a pioneer and early entrant in India's distressed debt market, having invested in public and private debt and equity-linked securities across sectors for over 15 years. He was an adviser to the authors of India's Insolvency & Bankruptcy Code and to members of the Bankruptcy Law Reform Committee. Prior to co-founding Eight Capital in 2005, he worked for over a decade as an investment analyst and portfolio manager at J.P. Morgan, Deutsche Bank, TCG, and J. Goldman & Company in New York and London. He holds an MBA from the Wharton School of the University of Pennsylvania.
Vikram Chachra
Co-Founder & Senior Principal
Vikram Chachra is a Co-Founder and Senior Principal of the Eight Capital Group, co-leading the firm's distressed and special situations investment strategy in India since 2005.
Indranil Das
Director / SEBI Contact Person
Indranil Das is the SEBI-designated contact person for Eight Distressed Investment Trust I at Eight Capital Advisory Services Private Limited, Mumbai.
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