Religare reaches final close of $78m on first debt fund

Religare launched the fund in March 2014 with a target of INR10 billion, with a INR2.5 billion overallotment option. With the domestic vehicle closed, the firm will raise the rest from overseas investors.

The fund, planned for a three year, short-tenure lifespan, will invest in secured corporate debt instruments. According to a statement, 80% of the funds have already been deployed in various sectors including agri-business, clothing, food and beverage, and real estate.

Religare Credit Advisors CEO and principal managing partner Kanchan Jain said that the fund "is part of a much larger picture globally where more and more promoters are relying on alternative pools of capital for various requirements. With the Indian economy slated to grow at more than 7%, the demand for such funding is substantial."

Religare Credit Advisors is a subsidiary of Religare Global Asset Management, which itself is a branch of financial services giant Religare Enterprises. Religare also manages the India Build-out Fund II, which launched in July 2014 with a target of INR5 billion and a mandate for growth-stage investments in companies targeting the domestic consumption sector.

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• Topics
• South Asia
• Fundraising
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• Religare Capital
• India
• Fundraising
• GPs