360 One Asset Management raises Rs 2,130 cr for latest private credit fund

360 One Asset Management Ltd (formerly called IIFL Asset Management Ltd) on Friday announced the closure of its fourth private credit fund by raising over Rs 2,130 crore, the firm's largest fund till date. It is more than twice the size of its earlier fund of Rs 1,000 crore.

The fund was launched with its initial target of Rs 1,500 crore. The fund witnessed participation from corporate treasuries, family offices, high-net-worth individuals (HNIs), and domestic financial institutions.

"With the closure of this fund, the assets under management (AUM) of the private credit strategy under 360 ONE Asset is inching close to $1 billion and it aims to achieve this milestone in 2023-24," the company said.

"Strong investor sentiment has propelled record fundraising in India-focused funds, and 360 One Asset's success in closing its fourth private credit fund at such a scale underscores the long-term promise of India's private credit story, our strong track record in the private credit asset class and our experienced fund team. We are excited about growing the private credit space in India and are well-positioned as a firm to capitalise on the opportunities in this market," said Karan Bhagat, founder, managing director (MD), and chief executive officer (CEO) of 360 One WAM Ltd.

The fund will lend to financially solvent companies and will now take exposure to distressed situations. It has a lifespan of three years.

"In India, the private credit asset class is becoming attractive and seeing significant traction as it is a resilient asset class that provides access to bespoke investment opportunities, optimal portfolio diversification and enhanced risk-adjusted returns," said Aakash Desai, CIO and head of Private Credit at 360 ONE Asset.