360 One Asset Management Raises Capital of Rs.2,130 Crore For Its Fourth Credit Fund
360 ONE Asset Management (formerly IIFL Asset Management Limited) has raised Rs 2,130 crore for its fourth private credit fund, surpassing its initial target of Rs 1,500 crore.
This is the asset manager's largest private credit fund to date, and it is twice the size of its previous funds. The previous private credit fund was worth Rs 1,000 crore.
Corporate treasuries, family offices, high net worth individuals (HNIs), and domestic financial institutions all contributed to the fund. With the closure of this fund, the AUM of 360 ONE Asset's private credit strategy is approaching $1 billion, with the goal of reaching this milestone in FY24.
The fund is a performing credit fund, which means it will only lend to financially sound companies and will not invest in distressed situations. The most recent fund has a three-year lifespan.
"The private credit asset class is becoming more appealing and gaining traction in India because it is a resilient asset class that provides access to bespoke investment opportunities, optimal portfolio diversification, and enhanced risk adjusted returns," said Aakash Desai, CIO & Head, Private Credit, 360 ONE Asset.