India Credit Opportunities Fund II — Modulus Alternatives | wisefolio

India Credit Opportunities Fund II

Anchored with Institutional Framework

IN/AIF2/22-23/1220Cat II

Private equity, private credit and real-estate funds that don't employ leverage except for operating needs. The largest AIF category.

Overview

About

India Credit Opportunities Fund II (ICOF II) (IN/AIF2/22-23/1220) is a SEBI-registered Category II AIF managed by Modulus Alternatives Investment Managers Limited (formerly Centrum Alternative Investment Managers Limited; CIN U67200MH2019PLC319950). Modulus Alternatives is an established private credit platform focused on mid-market, performing credit opportunities, backed by Centrum Group and Alok Agarwal (former CFO of Reliance Industries). The firm was founded in 2018 and is one of India's early movers in private credit AIFs. ICOF II is the firm's second fund. Fund I — Centrum Credit Opportunities Fund (CCOF, IN/AIF2/18-19/0662) — launched 2019, deployed INR 1,790 crore across 15 investments, achieved Gross IRR of 17.01% (Median Investor IRR 14.28%, DPI 1.50x, TVPI 1.52x), and fully exited in December 2024. ICOF II focuses on the same performing credit strategy, with a target corpus of INR 750 crore + INR 500 crore green-shoe, a 5-year tenor, and a 16%+ target gross IRR. As of August 2025, ICOF II has deployed INR 1,106 crore across 9 investments with 1 exit. ICOF II received CARE AIF 1 grading (highest) from CareEdge Analytics & Advisory. A third fund, ICOF III, was launched in November 2025. The firm has deployed over INR 2,775 crore in total and made 26 investments across both funds.

Investment Philosophy

Modulus Alternatives focuses on mid-market performing credit — lending to established companies with proven business models across cycles that are at an inflexion point for turnaround or growth. The investment philosophy is value-investing applied to credit: identifying temporary cash-flow mismatches or capital-structure needs in fundamentally sound businesses that cannot access capital at the right tenor and structure from banks, NBFCs, or mutual funds. The firm employs senior secured, coupon-bearing instruments with active portfolio monitoring and zero delinquencies across its track record. Sectors of focus include healthcare, consumer durables, specialty chemicals, industrials, clean energy, and logistics.

Team— 7

Vinod Rai

Chairman of the Board, Modulus Alternatives Investment Managers Limited

Vinod Rai is the Chairman of the Board of Directors of Modulus Alternatives Investment Managers Limited. He is the former Comptroller and Auditor General (CAG) of India and former Secretary, Financial Services, Ministry of Finance. His presence provides unbiased oversight, diverse governance perspectives, and strengthens investor confidence.

Sandeep Agarwal

Chief Executive Officer, Modulus Alternatives

Sandeep Agarwal is CEO of Modulus Alternatives with 25 years of experience in India-focused investment banking and private credit at global institutions. He was previously CEO and Head of Fixed Income India at Credit Suisse AG Mumbai and UBS AG Mumbai, leading multi-billion-dollar businesses and executing complex structured credit, securitization, and institutional financing transactions. He has navigated the Global Financial Crisis, NBFC liquidity crunch, and COVID disruptions.

Alok Agarwal

Shareholder and Director, Modulus Alternatives

Alok Agarwal is a Shareholder and Director of Modulus Alternatives Investment Managers Limited. He is the former Chief Financial Officer of Reliance Industries Limited. He commented on Fund I's success: 'The success of Fund I is owed to the seasoned investment team guided by an experienced investment committee.'

Jaspal Bindra

Executive Chairman, Centrum Group (representing sponsor)

Jaspal Bindra is the Executive Chairman of Centrum Group, the institutional sponsor behind Modulus Alternatives. He commented at Fund I exit: 'We are grateful to our investors who trusted us from the beginning. This success is a testament to the growing importance of private credit in India's economic growth.'

Rakshat Kapoor

Former Head – Private Credit & CIO (departed to Motilal Oswal Alternates, late 2025)

Rakshat Kapoor was the CIO and Fund Manager of Modulus Alternatives (then Centrum Alternatives) from inception in 2018, building the private credit platform from the ground up. He managed both CCOF and ICOF II and delivered 17.01% Gross IRR on Fund I. He departed in late 2025 to join Motilal Oswal Alternate Investment Advisors Private Limited as Head & CIO – Private Credit, where he is now leading India Credit Excellence Fund I (IN/AIF2/25-26/1997). This departure is a significant personnel transition for Modulus.

Registration

SEBI Registration

SEBI-registered

Reg. NumberIN/AIF2/22-23/1220

VintageMar 2023 · 3 yrs old

Valid ToPerpetual

Contact PersonRutu Dave

AddressCentrum House 5445 A C.S.T. Road Vidyanagari Marg Kalina Santacruz East, Mumbai, Maharashtra, 400098

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Disclaimer

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