Currently, Modulus Alternatives is focused on delivering structured private credit solutions to high-quality mid-market businesses across India. Through disciplined underwriting, institutional governance, and active portfolio management, the platform has built a differentiated private credit franchise across multiple market cycles.
With a strong foundation in performing private credit, the platform continues to strengthen its institutional investment framework while addressing the evolving capital needs of Indian businesses across market cycles.
A Growing Institutional Private Credit Platform
Core Strategy
Investment
Approach
Target Companies
Portfolio Philosophy
Platform Vintage
Credit
Rating
Regulatory Status
Total invested amount
Total no. of investments
No. of exits
Gross IRR Across Funds (Targeting to Deliver)
Distribution Philosophy
Performing Private Credit
Senior Secured, Structured Credit, Capital Preservation & Risk Adjusted Returns
Mid-Market Indian Businesses
Diversified & Risk-Calibrated
Established Since 2019
CARE AIF-1 Grading (ICOF II) – Highest AIF Grading in India
SEBI-Registered Category II AIF
INR 3250 Cr.
32
22
~16% p.a.
Regular Income Distribution
India’s private credit market is expanding rapidly, driven by growing demand for alternative capital among mid-market businesses underserved by traditional bank financing. Our funds provide tailored, structured financing solutions to resilient companies with strong operating fundamentals and healthy balance sheets — backed by senior secured structures designed to protect capital.
Fund I, known as Centrum Credit Opportunities Fund, laid the foundation of the Modulus Alternatives private credit platform, built on disciplined underwriting and a focus on structured, performing credit opportunities. The fund navigated multiple market cycles, including the NBFC liquidity crisis and the COVID period – without deviating from its underwriting standards or structured downside protection mechanisms. It achieved complete exits across all investments, zero credit losses, and delivered a 17%+ gross IRR, validating the platform’s investment philosophy and execution capability.
Capital Raised
Status
Gross IRR Delivered
Total Exits
Senior Secured, Operating Company Exposure
Regular Coupon Bearing Investments
India Credit Opportunities Fund II (ICOF II) expanded the platform’s performing private credit strategy through a diversified portfolio of senior secured investments across resilient sectors. Fund II reflects the platform’s continued emphasis on disciplined underwriting, credit structuring expertise, and portfolio diversification. The Fund’s strong proprietary origination capability highlights the investment team’s deep relationships and sourcing network across India’s mid-market ecosystem.
The receipt of CARE AIF-1 grading — the highest grading awarded to an AIF in India — further reinforces the platform’s institutional governance standards and investment quality.
Capital Raised
Investments
Current Performance
Income Distribution
Senior Secured Operating Company Exposure
Portfolio Quality
Awarded
Proprietary Deal Origination
Credit Rating
Total Exits
India Credit Opportunities Fund III (ICOF III) marks the next phase of scale for Modulus Alternatives private credit platform — built on a track record of two funds with zero credit losses, complete exits of Fund l, and regular income distribution across market cycles. As a SEBI-registered Category II AIF, the platform today operates with institutional-grade governance, independent investment committee oversight, and underwriting processes refined over 8 years of active credit deployment.
ICOF III is designed to capture India’s expanding private credit opportunity at scale, offering flexible, structured capital solutions to resilient mid-market businesses — while holding firm to the same principles that defined every fund before it: senior secured structures, active risk management, and an unwavering focus on capital preservation.
Target Corpus
Investment Strategy
Focus Segment
Gross IRR Target
Income Distribution
The platform focuses on performing private credit opportunities across high-quality mid-market businesses with emphasis on:
The investment portfolio is built across sectors benefiting from long-term domestic growth and resilient operating fundamentals.
Modulus Alternatives continues to build a differentiated institutional private credit platform focused on disciplined investing, structured capital solutions, and long-term value creation.
