InCred Alternative Investments: InCred's private credit, private equity and angel-fund platform

InCred Alternative Investments Private Limited is the alternatives arm of the InCred Group, the diversified financial services group that also runs the NBFC InCred Finance, the institutional platform InCred Capital and the wealth-tech vertical InCred Money. Incorporated in 2022, the firm is the investment manager to two SEBI-registered AIF trusts and offers strategies across structured credit, long-short quant, private equity and angel investing.

Its Structured Credit strategy was launched in 2022 to exploit what the firm calls a white space in India's structured credit market, drawing on the InCred Group's lending and origination network. The credit funds aim to deliver attractive risk-adjusted returns in a downside-protected manner through differentiated underwriting and governance. The strategy's flagship, the InCred Special Opportunities Fund – I, secured commitments of over $70 million in April 2025 and was targeting $175 million by year-end, with a stated return target of 21–23%. Saurabh Jhalaria, Chief Investment Officer – Private Credit at InCred Alternatives, leads the effort. The firm's performing credit funds had already crossed $150 million in commitments with an established income-distribution track record.

On the equity side, the Private Equity strategy invests in high-quality privately owned companies through the InCred Growth Partners Fund – I and InCred Growth Partners Fund – II, backing consumer, financials, healthcare, technology and enterprise themes. The funds invest at Series B and C stage — dubbed "Growing Stars" — and in more evolved "Glowing Stars" where efficiency gains drive multiple expansion. The private equity effort is led by Vivek Singla, who brings over 21 years of investment management experience and holds a dual degree from IIT Delhi and a PGDM from IIM Lucknow.

For early-stage founders, the most directly relevant vehicle is the InCred Ventures India Angel Fund, a Category I AIF registered with SEBI (registration no. IN/AIF1/23-24/1261, dated 19 April 2023) and managed by Saumya Mittal and Sneha Jajoo. The main trusts are registered as Category II (InCred Alternative Opportunities Trust, reg. no. IN/AIF2/22-23/1111) and Category III (InCred Alternative Investments Trust, reg. no. IN/AIF3/22-23/1253) AIFs, with Catalyst Trusteeship Limited as trustee. The firm is also registered as a Fund Management Entity (non-retail) with the IFSCA at GIFT City for offshore fund management.

Fund size across the whole alternatives platform is not publicly disclosed as a single figure, so it should be treated as not publicly disclosed. Portfolio company names are similarly not published on the firm's website, which lists funds rather than investee companies.