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 bridging India’s mid-market credit gap through disciplined, performing private credit strategies.
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.
Our approach is anchored in capital preservation first, income second — every transaction is underwritten with robust structuring, strong governance, and disciplined risk management, backed by close, hands-on monitoring through the life of the investment. Across its credit platform, the firm has executed multiple transactions across sectors, delivering consistent risk-adjusted returns and successfully exiting investments, while maintaining a zero credit loss record.
Its maiden fund, Centrum Credit Opportunities Fund, was fully exited in December 2024, achieving a gross IRR of 17%+ p.a. India Credit Opportunities Fund II, awarded CARE AIF-1 grading for governance excellence, has been fully deployed and continues to build a diversified portfolio of predominantly investment-grade businesses, tracking stable, mid-teen returns.
Building on this foundation, the newly launched India Credit Opportunities Fund III continues the firm’s focus on performing private credit opportunities — supported by the same robust structuring, senior secured position, strong governance, and disciplined risk management that define the platform.
At the core of our philosophy is a bottom-up, credit-first approach: we underwrite each opportunity on the strength of its cash flows, collateral, and structuring — not on market cycles or momentum. We favour senior secured positions with strong downside protection, and we stay closely engaged with portfolio companies through the life of the investment.
They shape our culture, guide our investment decisions, and reinforce long-term alignment with investors and portfolio companies across India’s private credit market.
We target established mid-market Indian businesses with meaningful revenue scale and demonstrated EBITDA profitability. We endeavor to deploy capital in ticket sizes suited to the underserved mid-market segment — where businesses are too large for SME lending and too early for public bond markets.
Company profile
the underserved mid-market sweet spot
Investment size
tested across multiple economic cycles, with identifiable competitive moat
Business maturity
Businesses in sectors with
excludes real estate and pure trading businesses
Sector focus
with sizeable market share and long-term growth visibility
Credit profile
We are sector agnostic in our approach to private credit, while maintaining a preference for sectors such as manufacturing, chemicals, pharmaceuticals, healthcare and BFSI. Our focus is on established operating businesses with identifiable assets and collateral, underlying domestic demand and favourable long-term industry dynamics. Our sector selection is conviction-led and guided by a top-down assessment of macroeconomic and industry factors, supported by clearly defined sector exclusion criteria. Within preferred sectors, every potential investment is subject to rigorous bottom-up evaluation of the business, promoter, financial profile, cash flows, industry dynamics and security package before capital is deployed.
