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Modulus Alternatives is an alternative asset manager that focuses on mid-market, performing credit opportunities. We endeavour to deliver risk-adjusted returns to our investors and custom-made solutions to our portfolio companies.
Figures as on August 01, 2025
Figures as on December 31, 2024
Figures as on August 01, 2025
The investment focus of Fund II remains in the performing credit segment. We continue to identify companies with proven business models across business cycles, and are at inflexion point for either turnaround and, or growth, driving our value investing approach.
Building on the successful exit of our inaugural performing private credit fund and the timely, complete deployment of our second fund, we launched the third performing private credit fund in November 2025.
#₹750 cr + ₹500 cr green shoe option
*From final close
#₹750 cr + ₹500 cr green shoe option
*From final close
"Cr" refers to crore
Launched in 2019, Fund I was a closed-ended Category II AIF that invested INR 1,790 crore, through the Fund and other investors, across 15 investments in sectors such as healthcare & pharmaceuticals, consumer durables, specialty chemicals and industrials. The portfolio construct of the Fund primarily focused on senior secured operating company exposures with regular coupon-bearing investments.
Throughout its tenure, the Fund consistently delivered mid-teen returns while maintaining high credit quality and making regular income distributions to its investors. At maturity, the Fund achieved a Gross IRR of 17.01%, with a Median Investor IRR (pre-tax, post-expenses and carried interest) of 14.28%. The Distributed to Paid-In Capital (DPI) of Fund I was 1.50x, with Total Value to Paid-In (TVPI) at 1.52x.
Fund I’s success, despite challenges such as NBFC crisis and the COVID-19 pandemic, reaffirms our focus on active portfolio management.