Key Highlights:
- CARE AIF 1 is the highest grading assigned to Alternative Investment Funds (AIFs), indicating excellent asset selection ability and management capabilities.
- ICOF II is the second performing private credit fund of Modulus Alternatives.
- The Fund is currently in its fundraising phase, targeting an INR 750 crore corpus, with a green-shoe option of INR 500 crore.
- As of now, over INR 800 crore has been deployed across six investments.
- The fund is focused on private credit opportunities in high-growth sectors, including healthcare, pharmaceuticals, industrials, and clean energy.
Past Performance & Industry Positioning
In January 2025, Modulus Alternatives successfully exited its maiden private credit fund, Centrum Credit Opportunities Fund (Fund I), which had deployed INR 1,790 crore across 15 investments. Fund I consistently delivered mid-teen returns, maintained stable credit quality, and recorded zero delinquencies, achieving a Gross IRR of 17.01%.Since its inception in 2018, Modulus Alternatives has deployed over INR 2,500 crore across 21 investments, solidifying its position as a leading private credit platform.
Management and Governance
Modulus Alternatives is backed by Centrum Group and Alok Agarwal, former CFO of Reliance Industries Limited. The Board of Directors is chaired by Mr. Vinod Rai, former Finance Secretary and Comptroller & Auditor General (CAG) of India, with Mr. Raman Uberoi, a senior advisor at CRISIL and a SEBI Market Data Advisory Committee member, serving as an Independent Director.This top-tier grading further enhances ICOF II’s attractiveness to both institutional and individual investors, reaffirming its strong risk-adjusted return potential and steady income-generation capability in India’s private credit market.
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