India's Leading Debt Advisory

Structured Private Credit Solutions

Facilitating customized debt financing where traditional banks face regulatory limitations. We solve real business problems with discipline.

₹5 Cr – ₹500 Cr Ticket Size
Bilateral Negotiated Deals

Request a Proposal

Connect with our team to explore tailored debt solutions for your specific business requirements.

Let's Connect
Confidential Advisory

What is Private Credit?

Private Credit refers to debt financing provided by non-bank institutions such as Alternative Investment Funds (AIFs), private credit funds, and asset managers to companies through customized, bilateral transactions.

It is not just lending—it is structured capital solving real business problems, with a strong focus on cash flows, collateral, and discipline.

"Private Credit = Flexible, structured lending where banks cannot lend."

Key Differentiators

  • Structured and customized
  • Privately negotiated (bilateral deals)
  • Designed for specific business needs
  • Backed by cash flows and collateral
Fastest Growing Alternative Asset Class In India

Major Categories of Private Credit in India

Stable Growth

Performing Credit

12% - 16% IRR
Characteristics:
EBITDA positive, predictable cash flows, moderate leverage.
Use Cases:
  • Growth capital
  • Working capital gap
  • Acquisition financing
  • Refinancing / tenure extension
Event Driven

Special Situations Credit

18% - 24%+ IRR
Characteristics:
Event-driven, high collateral, focus on downside protection.
Use Cases:
  • OTS & Debt restructuring
  • Promoter buyback / exit
  • Last-mile funding
  • Debt restructuring
👉 Focus on "dislocation opportunities", not distress.
Asset Backed

Real Estate Credit

14% - 20% ROI
Characteristics:
Project-level financing, strong collateral cover.
Use Cases:
  • Last-mile project completion
  • Construction financing
  • Inventory refinancing

Common Use Cases

  • Growth Capital (No equity dilution)
  • Refinancing / Tenor elongation
  • One-Time Settlement (OTS)
  • Last-mile funding for projects
  • Promoter buyouts & stake increase
  • Acquisition Financing
"Private credit is used where timing, flexibility, or structure matters more than cost."

Eligibility Standards

Typical Market Expectations
Business Profile
  • Established: 5-10+ Years
  • Turnover: ₹50 Cr – ₹500 Cr+
Financials
  • Positive EBITDA: ₹10–₹50 Cr+
  • Leverage: Debt/EBITDA 3-4x
Promoter Quality
  • Strong track record & governance
  • No history of willful default
Collateral
  • Cover: 2x – 3x Preferred
  • Real estate, shares, or assets
Ability to Repay Cash Flow
Security Cover Collateral
CORE LENDING CRITERIA

Key Decision Factors

"Ability to repay (cash flow) + collateral = key decision factors"

Types of Instruments Used?

Private credit deals are typically structured using:

  • Non-Convertible Debentures (NCDs)
  • Secured loans / term loans
  • Mezzanine debt
  • Structured credit instruments
  • Convertible instruments (in some cases)
"Key Feature: Instruments are customized per deal"

Why Private Credit Growing in India?

Market dynamics driving alternative credit growth:

  • Banks face regulatory restrictions
  • NBFCs shifted focus to retail lending
  • Increasing demand from mid-market companies
  • Rising investor interest in alternatives
  • Improved legal framework (IBC)

Covenants & Risk Protection

Financial
  • Debt/EBITDA limits
  • Minimum cash flow thresholds
Operational
  • Restriction on additional borrowing
  • Limits on capex / acquisitions
Cash Flow
  • Escrow account mechanism
  • Priority payment waterfall
Security
  • Charge on assets / Share pledge
  • Personal guarantees
"Covenants ensure control even without ownership"
RISK MITIGATION STRATEGY

Risk Management Framework

Private credit follows a disciplined Dual Protection Model designed to safeguard capital through multiple layers of recourse.

Cash Flow First Line

Interest serviced directly from robust business operations and contractual cash flows.

Collateral Second Line

Asset-backed recovery mechanism providing a safety net in worst-case scenarios.

Coverage Analysis

Debt Principle vs Protection Layers

ACTIVE
TYPICAL COLLATERAL COVER
2.5x – 3.0x

Minimum coverage maintained across the deal tenure.