Modulus Alternatives, an alternative asset manager backed by the Centrum Group and Alok Agarwal (former CFO of Reliance Industries Limited), has announced the Final Close of its India Credit Opportunities Fund II (ICOF II), with commitments exceeding ₹700 crore.

ICOF II, the second fund in the series, focuses on providing growth and refinancing capital to performing, mid-market businesses in India. The fund has already deployed over ₹1,156 crore—together with other investors—across 11 companies spanning pharmaceuticals, energy, financial services, auto ancillary, and healthcare.

ICOF II has also distributed consistent quarterly income, generating an annualised cash income distribution rate (including TDS) of 10.00%, and has already returned more than INR 43 crore to investors. 

ICOF II has been awarded the CARE AIF 1 grading by CareEdge Analytics & Advisory, a subsidiary of CARE Ratings Ltd. This is the highest grading assigned to alternative investment funds by CareEdge.

Across its credit platform (Fund I and II), Modulus Alternatives has deployed INR 2,946 crore between the Fund and Other Investors across 26 transactions, successfully exiting 16, and cumulatively returning over INR 1,690 crore to investors. Centrum Credit Opportunities Fund (CCOF), Modulus’ maiden fund announced its maturity and complete exit in January 2025, achieving a gross IRR of 17%+.

Commenting on the milestone, Modulus Alternatives reaffirmed its commitment to delivering superior risk-adjusted returns and steady income distribution for investors while continuing to support quality businesses with bespoke financing solutions.