Structured fund research profile
Avendus runs India-focused structured-credit strategies that provide secured debt, mezzanine and flexible capital to mid-market businesses and promoter-led situations. The platform combines a current Fund III fundraising program with a publicly documented Fund II portfolio and named credit leadership.
At a glance
Research profile
Open a section to inspect the evidence. The first view starts with the investment point of view; the rest stays quiet until you need it.
Investment lens
Avendus (Structured Credit) uses a structured/performing credit approach across Structured credit, performing credit, special situations.
Current evidence
Avendus Structured Credit Fund III crossed ₹2,200 crore of commitments in 2026 after a first close above ₹1,000 crore in 2025. The manager's March 2023 Fund II update names Avini Advisors (holdco for Klay), Vijayalakshmi Investments & Holdings (Metrochem) and Innerframe Services, while independent company reporting documents Avendus Structured Credit Fund's structured debt investment in Ad2Pro.
Strategy
Structured/performing credit
Sector focus
Structured credit, performing credit, special situations
AIF structure context
Indian private credit, venture-debt and special-situations funds are commonly structured as Category II AIFs. Verify the specific vehicle and registration before investing.
Current signal
Avendus Structured Credit Fund III crossed ₹2,200 crore of commitments in 2026 after a first close above ₹1,000 crore in 2025. The manager's March 2023 Fund II update names Avini Advisors (holdco for Klay), Vijayalakshmi Investments & Holdings (Metrochem) and Innerframe Services, while independent company reporting documents Avendus Structured Credit Fund's structured debt investment in Ad2Pro.
Investor questions
Avendus (Structured Credit) is covered in Rupeia's private credit research universe. The current public record describes the strategy as Structured/performing credit, with a sector focus of Structured credit, performing credit, special situations. The profile should be read with the linked source trail and Typical route: Category II AIF context.
The profile displays only company or asset names attributable to Avendus (Structured Credit) in the reviewed public sources: Avini Advisors Pvt Ltd (holdco for Founding Years Learning Solutions / Klay); Vijayalakshmi Investments & Holdings Pvt Ltd (Metrochem); Innerframe Services Pvt Ltd (exited); Ad2Pro Media Solutions (structured debt).. It does not represent a complete current portfolio unless the manager has published one.
Kotak publicly identifies the Kotak Special Situations Fund at approximately $1 billion and describes capital across two funds. Its public record emphasizes risk-adjusted outcomes but does not provide a consolidated fund-level IRR or DPI. These signals are not a substitute for fund- and vintage-specific net performance, realised distributions and audited or administrator-supported reporting.
Public fund size: Kotak Special Situations Fund is publicly described at approximately $1 billion; other credit and strategic-situations vehicles have separate sizes.. Public terms or access information: Solution capital across the capital stack, often combining current yield with equity upside; restructuring and turnaround situations are sector-agnostic.. Current fees, minimum commitment and availability must be confirmed for the exact named vehicle in its fund documents.
The current source record names Nilesh Dhedhi (Managing Director & CEO, Avendus Finance); Anshul Jain (Executive Director, Avendus Structured Credit Fund); Anant Khatri (Executive Director, Private Credit Investments). Verify current roles, departures, attribution and key-person provisions before relying on the team history for a new commitment.
Review borrower concentration, security and seniority, cash versus accrued income, defaults, recoveries, fund leverage and liquidity. The current open diligence point is: A complete current Fund III borrower list and vehicle-level outcomes remain undisclosed; the verified names below are drawn from Avendus Fund II disclosures and earlier Avendus structured-credit transaction reporting..
2026-06-24: Avendus Structured Credit Fund III crossed ₹2,200 crore of commitments in 2026 after a first close above ₹1,000 crore in 2025. The manager's March 2023 Fund II update names Avini Advisors (holdco for Klay), Vijayalakshmi Investments & Holdings (Metrochem) and Innerframe Services, while independent company reporting documents Avendus Structured Credit Fund's structured debt investment in Ad2Pro.
Next step
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