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India's private credit market is at an inflection point
Managed by Motilal Oswal Alternates
Private equity, private credit and real-estate funds that don't employ leverage except for operating needs. The largest AIF category.
India Credit Excellence Trust – I (IN/AIF2/25-26/1997) is a SEBI-registered Category II AIF managed by Motilal Oswal Alternate Investment Advisors Private Limited (MO Alternates / MOA), a subsidiary of Motilal Oswal Financial Services Limited. It is MOA's maiden private credit fund, launched in January 2026, with a target corpus of INR 3,000 crore including a green-shoe option. The fund achieved its first close in early March 2026 at INR 1,700 crore, including INR 200 crore committed by the Motilal Oswal Group (sponsor commitment). The fund focuses on secured lending and bespoke customised solutions targeting mid-market businesses that are profitable, growing, and fundamentally creditworthy but unable to access capital at the right tenor and structure from banks or capital markets. It deploys across growth credit, performing credit, special situations, and dislocated credit using structured and collateralised instruments. MOA has raised over INR 23,000 crore across 11 funds over two decades and manages INR 28,000+ crore in assets across private equity and real estate. This is the 12th fund. SEBI registration: December 2025; registered at Motilal Oswal Tower, Prabhadevi, Mumbai.
Vishal Tulsyan
Managing Director & Chief Executive Officer
Vishal Tulsyan is MD & CEO (now Executive Chairman) of Motilal Oswal Alternates. He described the private credit foray as a natural evolution: 'Expanding into private credit is a natural extension of our business strategy. The private credit business will have synergies with our existing platforms and draw upon the strength and knowledge of the Motilal Oswal Group.' Under his leadership, MOA has raised over INR 23,000 crore across 11 funds. He has also overseen a long-term partnership with IFC — most recently a USD 60 million anchor investment in India Business Excellence Fund V.
Rakshat Kapoor
Head & CIO – Private Credit, Motilal Oswal Alternates
Rakshat Kapoor heads and is CIO of the private credit business at Motilal Oswal Alternates and is the key investment professional for India Credit Excellence Fund – I. He is a veteran in the structured financing industry with over 25 years of experience. He articulated the fund thesis: 'India's private credit market is at an inflection point. We estimate the addressable market to grow to over Rs 10 lakh crore over the next few years.'
Bhavesh Pandya
SEBI Contact Person
Bhavesh Pandya is the SEBI-designated contact person for India Credit Excellence Trust – I. He is based at Motilal Oswal Tower, Prabhadevi, Mumbai.
View the investment manager profile with all PMS strategies and AIFs under Motilal Oswal Alternates.
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