India’s Motilal Oswal Alternate Investment Advisors Pvt Ltd. has applied to the Securities and Exchange Board of India to raise as much as 30 billion rupees ($336 million) for its maiden private credit fund.
The company, which is a unit of Motilal Oswal Financial Services, will start raising the money in 2026, pending regulatory approval, and aims to deploy funds mostly in mid-sized companies seeking to list themselves in the next two to three years.
“We will primarily focus on growth capital and special situations such as tariff-led crises,” said Rakshat Kapoor, head of private credit at Motilal Oswal Alternates, which has $3.1 billion of assets under management.
Motilal is the latest addition to India’s crowded private credit market, which witnessed its biggest ever deal this year. The confluence of low domestic interest rates and ample liquidity is expected to spur more competition in the market, S&P Global said in a September report, while warning of re-surging equity markets and debt mutual funds potentially derailing the market’s momentum.
The unit is also planning to set up an office in India’s GIFT City, the country’s international business center, in an attempt to lure international investors, Kapoor said.