Marking a Milestone: Successful Maturity and Exit of our maiden Fund - CCOF

Meet the people at
Modulus Alternatives

Modulus (|x|) means 'absolute value' and the team at
Modulus Alternatives perceives all available investment opportunities
through an absolute value lens for investment decisions.

Our Robust Governance Framework

A strong governance framework with an independent chairperson at the helm accompanied by an astute Investment Committee to steer all strategic initiatives.

Board of Directors

Vinod Rai

Chairman, Board of Directors

Mr. Vinod Rai was appointed the Chairperson of the Board of Modulus Alternatives Investment in December 2022.

  • Former IAS officer who served as the 11th Comptroller and Auditor General of India.
  • He guides the firm on business strategies and governance with his long and rich experience of working in various capacities at Central and State Government.
  • In 2016, he was appointed the Chairman of Banks Board Bureau, which advises on top-level appointments at public sector banks and ways to address the bad loans.
Raman Uberoi

Independent Director

Alok Agarwal

Non-Executive Director

Chandir Gidwani

Non-Executive Director

Investment Advisory Board

The Investment Advisory Board offers strategic guidance and expertise to enhance investment decisions and mitigate risks for the firm.

Mr. Alok Agarwal

Chairman
  • Mr. Alok Agarwal is an accomplished finance professional and an iconic figure in Corporate India. He brings a plethora of experience, extensive relationships, and strategic insights to the Modulus Alternatives platform.
  • Mr. Agarwal has a distinguished corporate career spanning over three decades. He has been an integral part of Reliance Industries since 1993. Since 2005, he has served for 18 years as the Chief Financial Officer of Reliance Industries Limited (RIL)
  • Over the past two decades, he has played a pivotal role in managing the group’s financial resources, overseeing banking relationships, and facilitating capital market transactions.
  • Before joining Reliance, he was with Bank of America for 12 years.
  • Mr. Agarwal holds a Post Graduate Diploma in Management from IIM-Ahmedabad and a B.Tech in Electrical Engineering from IIT Kanpur.
IAB – New one

Designation

IAB – New two

Designation

IAB – New three

Designation

IAB – New four

Designation

Investment Committee

K R Kamath

Former Chairman, PNB

Alok Agarwal

Non-Executive Director

Jaspal Bindra

Executive Chairman, Centrum Group

Senior Advisor

Raghavendra Rao

Former Deputy MD, SBI

Senior Members

Indranil Das

Chief Operating Officer

Vaibhav Gupta

Investment Team

Harish Goel

Investment Team

Vishal Ladiwal

Fund Raise & Distribution

Investment Team

Vaibhav Gupta

Investment Team

Harish Goel

Investment Team

R Gopikrishnan

Investment Team

Gangam Vamshi
Chandra

Investment Team

Shared values at Modulus Alternatives

Built on four pillars, we believe that our values help create a culture that fosters
trust, partnership and performance

Integrity

Integrity is the bedrock of the Firm culture reflected in every aspect of teamwork and business.

Transparency

Transparency is fundamental to our conduct of business. Periodic updates containing clear and accurate information of fund performance is disseminated to investors, portfolio companies and stakeholders, to enable informed decision-making.

Conviction

Investment opportunities are driven by a strong sense of conviction which align with the business ethos of the Firm.

Ownership

The Firm embraces the spirit of entrepreneurship and ownership combined with prudence in decisions relating to its overall business operations.

"Cr" refers to crore

A one liner about the company would work best here.
Company
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SEBI Registration Numbers: CCOF - IN/AIF2/18-19/0662, ICOF - IN/AIF2/22-23/1220
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Modulus Alternatives Investment Managers Limited (Modulus Alternatives) is a registered company bearing CIN: U67200MH2019PLC319950.
Investment in Alternative Investment Funds (AIFs) is made via private placement only and only through a serially numbered placement memorandum specifically addressed to the addressee. The information contained herein is being generally made available and is meant for educational purposes only. Nothing on this website is to be construed as an investment or financial or taxation advice nor to be considered as an invitation or solicitation or advertisement for any financial product. Investment in AIFs registered with the Securities and Exchange Board of India (SEBI) are subject to Indian laws and neither SEBI nor Modulus Alternatives, the AIFs managed by Modulus Alternatives or the trustees shall be liable for any content on this website. Kindly refer to the disclaimers, and terms and conditions for further details
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Our maiden Private Credit Fund I – CCOF, has successfully exited all its investments, achieving a Gross IRR of 17%+

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.