UTI Asset Management Company (UTI AMC) is looking at mopping up Rs 1,000 crore from the just launched Private Debt Fund within the first year itself.
The fund house is looking at financing corporates who need short term capital, with the newly floated fund.
"We are looking at mopping up around Rs 1,000 crore within the first year of Private Debt Fund," UTI AMC managing director Leo Puri told PTI today.
"Through this fund, we will be targeting those well regarded corporates with good track record, especially those who need short-duration funds of one to three years," he added.
Even though some of the fund houses like HDFC and ICICI Prudential are active in this space, they are restricted to real estate only.
According to Puri, with the new fund, they are eyeing higher yields of over the existing ones which offer 9 per cent returns.
The Private Debt Fund from UTI AMC is aimed at augmenting its portfolio of alternative investment offerings.
The sixth largest fund house appointed Rohit Gulati as the managing partner, while Shaurya Arora is roped in a partner and Sumit Khandelwal as the principal.
The team will strive to establish Private Debt Fund to exploit several credit arbitrage opportunities.
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