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Infinite Possibilities®
Managed by Nisus Finance
Private equity, private credit and real-estate funds that don't employ leverage except for operating needs. The largest AIF category.
Dalmia Nisus Finance Credit Opportunities Trust is a SEBI-registered Category II Alternative Investment Fund (reg. IN/AIF2/18-19/0647), managed by Dalmia Nisus Finance Investment Managers LLP — a joint venture between the Dalmia Group Holdings (DGH) and Nisus Finance Services Co. Ltd. (NiFCO). The fund, known as the Real Estate Credit Opportunities Fund – 1 (RECOF-1), was launched in 2019 and targets superior, consistent, risk-adjusted returns by making opportunistic medium-term debt investments in late-stage, mid-income housing and residential plotting projects across India. It invests via senior secured Non-Convertible Debentures (NCDs) in brownfield, advanced-stage real estate projects. The fund has a target corpus of ₹500 crore (including ₹200 crore greenshoe option), with a 4-year term from final closing (extendable by 2 years) and a target gross IRR of 20–21%. Anchor investors include NiFCO and Dalmia Group Holdings. NiFCO is a BSE-listed alternative asset manager founded by Amit Goenka in 2013 that specialises in urban infrastructure finance and private capital market transactions, with approximately ₹1,700 crore (~USD 200 million) in AUM across SEBI-regulated AIFs and international fund vehicles in GIFT City and Dubai.
Dr. Amit Goenka
Founder, Chairman & Managing Director
Dr. Amit Goenka is the Founder, Chairman, and Managing Director of Nisus Finance Group (NiFCO). He is one of India's leading experts on real estate and urban infrastructure, and has been instrumental in building NiFCO into India's first BSE-listed alternative asset management company. He has successfully invested, managed, and exited over USD 500 million in real estate structured credit investments. Previously, he was Founder MD & CEO of Essel Finance (ZEE Group), managing a INR 750 crore real estate domestic AIF, PMS, and offshore fund. As Executive Director at Knight Frank India, he transacted nearly USD 700 million across Indian real estate. He also worked with Investment Dar/Alghanim Group (leading a USD 4 billion Islamic Fund in the Middle East), Ernst & Young, and Aditya Birla Group. He holds a BE, MBA, MFM, and MRICS. His Twitter handle is @amit_nifco.
Mridula Goenka
Executive Director
Mridula Goenka is Executive Director of Nisus Finance Services Co. Ltd. and a member of the board. She is a Fellow Chartered Accountant (ICAI) and is responsible for strategic operations and HR leadership at NiFCO.
Vikas Krishnakumar Modi
Executive Director
Vikas Krishnakumar Modi is an Executive Director on the board of Nisus Finance Services Co. Ltd., contributing to the firm's strategic and operational leadership.
Avadhoot Sarwate
Chief Investment Officer
Avadhoot Sarwate is the Chief Investment Officer of Nisus Finance Services Co. Ltd. and serves on the Investment Committee of RECOF-1. He is a CA, CFA, and MBA with 14+ years of experience in corporate finance, investments, and M&A across real estate and infrastructure. He heads fundraising across term loans, working capital, equity, and structured finance, and has achieved financial closure for 5 affordable housing projects across 4 geographies. He has raised more than USD 1 billion in equity, M&A, and debt for infrastructure assets.
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Sunil Agarwal
Independent Director & Investment Committee Member
Sunil Agarwal has over 23 years of experience in the real estate industry and is the founder of Black Olive Ventures (BOV), a real estate valuation and advisory services company. He previously co-founded and was CEO of South Asian Real Estate (SARE), a PE-backed real estate development company. He has held senior positions at ICICI Ventures, HSBC Bank, DS Group, Colliers International, and Chesterton Meghraj (now JLL India). He holds a degree in Civil Engineering, Masters in Urban Planning (Housing), MBA in Finance & Marketing, and an Honorary Doctorate in Real Estate.
Sandeep Baid
Investment Committee Member
Sandeep Baid has more than 20 years of experience in financial services, lending, and investments. He is currently Advisor at DSP Investment Pvt. Ltd. Previously he was a founding team member, MD & Head of Credit at Indostar Capital Finance Ltd., and MD & Head of Debt Capital Markets at Bank of America and DSP Merrill Lynch. He has led lending transactions of more than ₹35,000 crore over 15 years without any losses or NPAs. He is a PGDBM graduate from IIM Calcutta.
Gaurav Dalmia
Sponsor Representative & Investment Committee Member
Gaurav Dalmia is Managing Partner & Advisor at Global Technology Investment Group and Board Member at SAMHI Hotels. He represents the Dalmia Group Holdings (DGH) co-sponsor interest in RECOF-1. He founded Landmark Holdings (45+ real estate investments), co-founded GTI Capital (India-focused alternative investments for US HNIs), and was a sponsor and board member of India Value Fund (a USD 3.5 billion PE fund). He also co-founded Infinity, India's first angel investment fund, and co-sponsored Evolvence India Fund.
View the investment manager profile with all PMS strategies and AIFs under Nisus Finance.