Modulus Closes Credit Fund II With Rs 7 Billion Commitment

02 Sep 2025 CW Team

Modulus Alternatives, an alternative asset management firm backed by the Centrum Group and Alok Agarwal (former CFO of Reliance Industries), has announced the final close of its India Credit Opportunities Fund II (ICOF II) with investor commitments exceeding Rs 7 billion. The fund focuses on providing growth and refinancing capital to performing mid-market businesses across India.

ICOF II attracted interest from prominent family offices, institutional investors, high-net-worth individuals (HNIs), and ultra-HNIs, underscoring growing investor confidence in Modulus’ private credit strategy.

To date, the fund has invested in 11 companies across sectors such as pharmaceuticals, financial services, energy, auto ancillaries, and healthcare, deploying over Rs 11.56 billion in partnership with co-investors. ICOF II has maintained consistent quarterly income distributions, achieving a 10 per cent annualised cash yield (inclusive of tax deducted at source), and has already returned over Rs 430 million to investors.

The fund has received the CARE AIF 1 grading from CareEdge Analytics & Advisory, the highest rating awarded to alternative investment funds by the agency.

Across both Fund I and II, Modulus has deployed a cumulative Rs 29.46 billion across 26 credit transactions, with 16 successful exits and over Rs 16.9 billion returned to investors. The firm’s maiden Centrum Credit Opportunities Fund (CCOF) is set to conclude with full exit in January 2025, having delivered a gross internal rate of return (IRR) exceeding 17 per cent.

Modulus Alternatives continues to focus on delivering strong risk-adjusted returns and steady income to investors, while providing tailored financing solutions to quality Indian businesses in need of strategic capital.

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