Cumulative
capital returned to investors
Modulus Alternatives Investment Managers Limited is an independent boutique private credit platform founded in 2018. As an early mover in the asset class, the firm focuses on mid-market, performing credit opportunities — endeavoring to deliver risk-adjusted returns to our investors and custom-made solutions to our portfolio companies, while bridging India’s mid-market credit gap.
Backed by the Centrum Group (74% stake) and Alok Agarwal, former CFO of Reliance Industries Limited (26% stake), Modulus Alternatives has built a strong track record in India’s private credit markets.
The platform has deployed capital across multiple sectors with a zero credit loss record to date, driven by an early-mover advantage in institutionalizing performing private credit in India.
Delivering consistent, risk-adjusted returns through senior-secured, disciplined lending.
Anchored in capital preservation, robust structuring, and downside protection across market cycles.
India Credit Opportunities Fund III - Cat II, AIF
Built on a proven track record, Modulus Alternatives has launched India Credit Opportunities Fund III, a ₹2,000 crore private credit fund (including a ₹1,000 crore green-shoe option) focused on disciplined, senior-secured lending to address India's mid-market credit gap.
India Credit Opportunities Fund II - Cat II, AIF
Fund II remains focused on performing credit opportunities, backing businesses with resilient models and clear inflection points for growth or turnaround.
Centrum Credit Opportunities Fund I
Our maiden private credit fund completed a productive five-year investment period, making 15 investments across sectors and achieving a successful maturity and full exit in December 2024.
India Credit Opportunities Fund III, a SEBI registered Category II AIF
Our third fund continues the strategy that delivered results across Fund I and Fund II - senior-secured, performing private credit to India's fundamentally strong mid-market companies.
Fund III targets a corpus of ₹1,000 crore with a ₹1,000 crore green-shoe option, with a target gross IRR of 16%+ per annum. The fund focuses on disciplined, covenant-heavy credit structuring across resilient sectors, backed by the same underwriting rigor and governance framework that has defined our track record since inception.
India Credit Opportunities Fund II | Closed for subscription & Active
India Credit Opportunities Fund II reached its Final Close in August 2025 and is fully deployed. The fund has built a diversified, predominantly investment-grade portfolio across resilient sectors, and continues to track a gross IRR of 16%+ per annum with consistent quarterly income distributions of 10% per annum to investors.
Awarded CARE AIF-1 grading for governance excellence — the highest grading for AIFs in India.
Centrum Credit Opportunities Fund I
Centrum Credit Opportunities Fund was our first. Launched in September 2019, it ran a full six-year investment cycle — 15 investments, 15 exits, zero credit losses - and was fully exited in September 2024, returning 100% of capital to investors, one of the very few funds in India to have returned the entire capital to investors.
The fund delivered a gross IRR of 17.01% and a median investor IRR of 14.3%, validating our underwriting discipline from day one.
Introducing New Fund focused on scalable private credit opportunities with enhanced structural safeguards.
To deliver stable, risk-adjusted returns through a senior-secured private credit strategy, lending to fundamentally strong mid-market enterprises across high-growth sectors in India.
Focused on capital protection through robust security structures.
Investing in promoter-led companies with strong fundamentals and growth potential.
Backed by credible promoters, strong repayment discipline, and high-quality collateral.
Generated through fundamental-driven investing—not by chasing yield.
We are among the first to institutionalize performing private credit in India. What sets us apart is not just our track record — it is the discipline, governance, and consistency with which we have built it.
Our leadership team brings decades of experience across finance, investments, and institutional governance. Supported by an independent board, we operate with transparency, accountability, and long-term conviction.
Mr. Vinod Rai, Former CAG of India and Ex-Secretary Financial Services, MoF, is the Chairman of the Board of Directors. His long and rich experience of serving in various capacities at the Central and State Governments guides the firm on diverse strategies and governance. His presence brings unbiased oversight, diverse perspectives, robust governance and strengthening investor confidence.
Sandeep Agarwal, CEO of Modulus Alternatives, is a veteran banker with 25 years of experience in India-focused investment banking and private credit across global institutions. Previously CEO and Head of Fixed Income India at Credit Suisse AG Mumbai and UBS AG Mumbai, His leadership continues to anchor Modulus Alternatives’ in institutional rigor.
Perspectives on private credit, risk management, and India’s evolving credit landscape
