JM Financial Close to Raising Rs.600 Crore for its Maiden Fund
Based on a senior executive at JM Financial, the first close of its maiden performing credit fund, JM Credit Opportunities Fund - 1, has raised over 600 crore in commitment from domestic HNIs and family offices.
"This will be our flagship credit strategy." The total commitment, including co-investments, exceeds 600 crore. "We expect to invest the entire capital in this quarter," said Anuj Kapoor, managing director and CEO of JM Financial's Private Wealth and Alternates Asset Management.
JM is looking to raise as much as ₹1,500 crore for the final close of the fund, inclusive of co investments. The group has invested 10% of the capital as sponsor commitment into the fund. The JM credit fund obtained SEBI approval in January 2023 and was launched in March 2023. The credit fund will be managed by Pranob Gupta.
"We have a very strong history in structured lending through our NBFC, which we have been doing for over two decades. While a lot of the NBFCs have withered away and there are quite a few credit funds that have mushroomed in recent years, the way we are looking to distinguish ourselves is that we have a very strong platform, where within our ecosystem we get a strong flow of deals. We have a very strong underwriting capability which is demonstrated by the track record of our NBFC," said Kapoor.