Kotak Mahindra Asset Management Company (KMAMC) has announced the successful first close of its debut credit Alternative Investment Fund (AIF) — the Kotak Credit Opportunities Fund — raising over ₹1,200 crore (USD 141.36 million). The milestone marks the largest first close by a performing credit AIF in India.

The SEBI-registered Category II AIF has drawn participation from High Net Worth Individuals (HNIs), Ultra HNIs, family offices, corporate treasuries, and institutional investors. With a target corpus of ₹2,000 crore including a greenshoe option, this strong start has already triggered the greenshoe route.

The AIF aims to provide "solution capital" to India’s emerging corporates by supporting strategic expansion, manufacturing scale-up, and consolidation. It will focus on profitable businesses with stable cash flows and strong fundamentals.

“We are thrilled with the overwhelming response from our investors,” said Nilesh Shah, MD, Kotak Mahindra AMC. “This first close reflects the trust our investors place in our vision and investment capabilities.”

Saurabh Tripathi, CIO of Private Credit at KMAMC, added, “Private credit is gaining traction both globally and in India. Performing credit strategies under the AIF platform are increasingly being recognised as vital enablers for emerging businesses.”

The AIF leverages Kotak’s industry expertise and network to build a robust portfolio aligned with long-term macroeconomic tailwinds. The fund’s focus on sustainable value creation and strategic growth positions it as a key player in India’s private credit ecosystem.