InCred Asset Management, the wealth and asset management division of InCred Financial Services, has announced the first close of its debut credit fund, InCred Credit Opportunities Fund I (ICOF I), which is expected to raise approximately Rs 300 crore.

The total corpus of the category II alternative investment fund (AIF) is targeted at Rs 500 crore, with a green-shoe of another Rs 500 crore, according to a company statement.

The ICOF I’s final close, which will mark the launch of InCred’s Alternatives platform, is scheduled for mid-next year.

The fund received 60 per cent subscription from marquee family offices and high-net-worth individuals (HNIs) in the first close within three months of Sebi approval in August of this year.

According to the company, ICOF I is the first alternative offering from InCred Asset Management and will provide flexible secured debt financing to emerging corporations, as well as financial institutions and platforms.

Over the next 24-36 months, the fund is expected to make 20-25 investments, resulting in a portfolio with a 4-5 per cent allocation to each transaction.

InCred Asset Management’s current strategy portfolio includes multi-cap, healthcare, and India-manufacturing themed funds.

InCred Finance, founded in 2016 by Bhupinder Singh, is a tech-enabled lending institution with consumer, small business, and education lending models.

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