InCred Alternative announces first close of maiden PE Fund

InCred Alternative Investments (‘InCred Alternatives’) has announced the successful first close of its maiden Private Equity fund, ‘InCred Growth Partners Fund – I’ (IGPF – I).

InCred Alternatives is part of InCred Capital, the institutional, wealth, and asset management arm of the InCred Group (‘InCred’).

Launched late last year, IGPF-I has secured capital commitments of over Rs 330 crore in the first close, supported by large HNI/UHNI investors through the strong wealth network of InCred.

Targeting growth and late-stage companies across key sectors

IGPF-I is targeting a final close of Rs 500 crore and is focused on investing in growth and late-stage companies across consumer, financial services, and enterprise/technology sectors, with an average ticket size of Rs 40-80 crore.

The fund is led by Vivek Singla, Managing Partner & CIO – Private Equity, InCred Alternatives, who has nearly two decades of investment management experience in the private and public equity markets.

“The successful first close of IGPF – I is a testament to our strong track record and the trust placed in us by our investors. It is also resonant of the confidence returning to the private equity space, with private market valuations being at realistic levels and a stark shift in the founders’ mindset from ‘growth at any cost’ to ‘profit after all costs," Singla said.

Aiming to support the vibrant private market ecosystem

IGPF-I’s strategy aligns closely with InCred’s mission of supporting India’s vibrant private market ecosystem, which continues to witness robust growth fueled by favourable demographics, increasing consumption, and a burgeoning entrepreneurial ecosystem.

Private equity is the third alternate strategy from InCred Alternatives, in addition to its private credit and hedge fund strategies.

With this round of fundraising in IGPF – I, InCred now has approximately Rs 3,000 crore of total funds under supervision across various strategies, including alternatives and equities.

Expansion of InCred’s investment portfolio

In February 2024, InCred Alternative Investments, part of InCred Capital, closed its second credit fund, InCred Credit Opportunities Fund-II (ICOF-II), with initial commitments exceeding Rs 300 crore.

In December 2023, InCred Finance, the lending arm of the InCred Group, became a unicorn, securing $60 million in a Series D round led by Ranjan Pai of MEMG, Ravi Pillai of RP Group, and Ram Nayak of Deutsche Bank.