Piramal Alternatives plans to raise $1.5 billion for investment in India’s high-yield companies via private credit, according to its chief executive officer.
The unit of Piramal Group, which is controlled by billionaire Ajay Piramal, has four existing private credit funds that together have raised $4 billion, said Kalpesh Kikani, managing director and chief executive officer at Piramal Alternatives. Their returns have exceeded 20% on an annualized basis, he said.
Those four funds include India Resurgence Fund in partnership with Bain Capital and the Performing Credit Fund where the Caisse de depot et placement du Quebec is an anchor investor.
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