Structured private credit fund research profile
Avendus Structured Credit Fund II is a closed-end structured-credit vehicle that reached approximately ₹1,024 crore of commitments in March 2023. Its own quarterly update names five investments across education, manufacturing, life sciences, electric vehicles and IT services, including a fully realised Innerframe position and four disclosed unrealised positions at that date.
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 Fund II uses a structured private credit; senior-secured and mezzanine growth capital approach across Manufacturing, healthcare, technology, education.
Current evidence
The manager’s March 2023 Fund II update disclosed final close at approximately ₹1,024 crore, five investments and the full exit of Innerframe Services. Current Avendus materials continue to identify the structured-credit platform and its credit leadership.
Strategy
Structured private credit; senior-secured and mezzanine growth capital
Sector focus
Manufacturing, healthcare, technology, education
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
The manager’s March 2023 Fund II update disclosed final close at approximately ₹1,024 crore, five investments and the full exit of Innerframe Services. Current Avendus materials continue to identify the structured-credit platform and its credit leadership.
Investor questions
Avendus Structured Credit Fund II is covered in Rupeia's private credit research universe. The current public record describes the strategy as Structured private credit; senior-secured and mezzanine growth capital, with a sector focus of Manufacturing, healthcare, technology, education. 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 Fund II in the reviewed public sources: Innerframe Services Private Limited; Kinetic Green Energy & Power Solutions; Tenshi Life Sciences; Vijayalakshmi Investments & Holdings (Metrochem); Avini Advisors (Klay). It does not represent a complete current portfolio unless the manager has published one.
The manager’s March 2023 update reported full exit of Innerframe Services at a 22.5% realised IRR and a 17.5% gross portfolio IRR at the reporting date. These are manager-reported figures and are not presented as audited net returns. These signals are not a substitute for fund- and vintage-specific net performance, realised distributions and audited or administrator-supported reporting.
Public fund size: Approximately ₹1,024 crore at final close in March 2023, according to the manager’s quarterly update.. Public terms or access information: Five-year tenure with +1+1 extension options; the manager’s update reported 18.0%–18.1% issue IRRs on named positions. Complete fee, carry, hurdle and distribution terms are not publicly disclosed.. Current fees, minimum commitment and availability must be confirmed for the exact named vehicle in its fund documents.
The current source record names Anshul Jain (Executive Director, Avendus Structured Credit); Anant Khatri (Executive Director, Private Credit Investments); Nilesh Dhedhi (Managing Director & CEO, Avendus Finance). 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: Fund-specific fees, carry, waterfall, current NAV and a post-March 2023 complete borrower schedule are not publicly disclosed. The five names below are limited to the manager’s dated Fund II update and attributable borrower or lender records; broader Avendus platform transactions are excluded..
2023-03-31: The manager’s March 2023 Fund II update disclosed final close at approximately ₹1,024 crore, five investments and the full exit of Innerframe Services. Current Avendus materials continue to identify the structured-credit platform and its credit leadership.
Next step
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