Modulus Credit Fund injects Rs 1.5 bn into Shivam Auto

04 Sep 2023 CW Team

Modulus Alternatives, an alternative asset manager, has reportedly committed Rs 1.5 billion to Shivam Autotech, a listed auto components maker. This investment represents the inaugural allocation from their newly established private credit fund.

The investment is set to originate from the resources under the management of Modulus Alternatives, which includes their second fund, the India Credit Opportunities Fund II. This fund was introduced earlier in the year with a targeted corpus of Rs 12.50 billion and has already garnered capital commitments exceeding Rs 2 billion.

The recently established fund will emulate the investment approach of Modulus' initial fund, focusing on mid-sized companies within the performing credit sector. The fund will employ a diverse array of instruments and strategies for its investments.

According to a presentation made to investors, the new fund is classified as a Category II AIF and will adhere to a sector-specific investment pattern, with a preference for industries such as consumption, healthcare, core economy, manufacturing, and industrial companies.

Modulus Alternatives, founded in 2018, is among the pioneers in the private credit arena. They launched their maiden fund in early 2019 and have achieved mid-teen returns since its inception.

To date, the fund has successfully exited from nine investments, returning over Rs 8.5 billion to investors, affirming the well-researched sectoral decisions made by the investment team.

Shivam Autotech specialises in the production of transmission gears and steering components for two-wheelers and four-wheelers. The company serves a broad spectrum of auto manufacturers in both domestic and international markets.

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