India’s Motilal Oswal Financial Services is poised to enter the booming private credit market with Rakshat Kapoor set to head the venture, according to people familiar with the matter.
Kapoor has resigned from Modulus Alternatives Investment Managers, where he served as chief investment officer and head of private credit, said the people, who asked not to be identified because the information is private.
In his new role, Kapoor is expected to spearhead Motilal Oswal’s plan to raise about $250 million through its maiden private credit fund over the next four to six months, they added.
Motilal’s private credit business will fall under the umbrella of Motilal Oswal Alternates, said the people, which has about $1.8 billion of assets under management, according to its website. The fund plans to invest in mid- to large- companies seeking growth capital and it will lend across the credit spectrum, they added.
Kapoor has worked at Modulus Alternatives for over six years, according to his LinkedIn profile, and previously held roles at Nomura Holdings Inc. and Deutsche Bank.
Motilal and Modulus did not reply to Bloomberg’s emails seeking comments. Kapoor also did not respond to a message seeking comment.
Annual volumes in India’s private credit market hit $9.2 billion last year, up 7%, according to Ernst & Young LLP. Foreign firms including KKR & Co. and Goldman Sachs Group Inc. are hunting for deals. Kotak Alternate Asset Managers Ltd. is planning a $2 billion fund, part of a raft of fund launches by local players. Indian government-linked investors and Middle Eastern sovereign wealth funds are also piling in.
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