Performing private credit fund research profile
InCred Credit Opportunities Fund II is a performing-credit vehicle providing senior secured capital to established Indian corporates. Public issuer records currently identify Vikram Solar and VSL Ventures in related secured-financing disclosures involving the fund; because those entities are part of one sponsor group, the profile presents the evidence narrowly and does not imply a broader borrower book.
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
InCred Credit Opportunities Fund II uses a performing private credit; senior secured growth and refinancing capital approach across Consumer, financial services, technology, industrials.
Current evidence
A February 2026 NSE filing identifies InCred Credit Opportunities Fund II in the secured-financing and share-pledge disclosures for Vikram Solar and VSL Ventures. InCred’s current structured-credit page continues to identify ICOF II as the second vintage of its performing-credit strategy.
Strategy
Performing private credit; senior secured growth and refinancing capital
Sector focus
Consumer, financial services, technology, industrials
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
A February 2026 NSE filing identifies InCred Credit Opportunities Fund II in the secured-financing and share-pledge disclosures for Vikram Solar and VSL Ventures. InCred’s current structured-credit page continues to identify ICOF II as the second vintage of its performing-credit strategy.
Investor questions
InCred Credit Opportunities Fund II is covered in Rupeia's private credit research universe. The current public record describes the strategy as Performing private credit; senior secured growth and refinancing capital, with a sector focus of Consumer, financial services, technology, industrials. 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 InCred Credit Opportunities Fund II in the reviewed public sources: Vikram Solar; VSL Ventures. It does not represent a complete current portfolio unless the manager has published one.
InCred reported a first close above ₹300 crore in February 2024 and describes a 20-plus-transaction, diversified secured-credit objective. A February 2026 exchange filing identifies the fund in a financing and pledge structure involving Vikram Solar and VSL Ventures; vehicle-level realised-return metrics are not publicly disclosed. These signals are not a substitute for fund- and vintage-specific net performance, realised distributions and audited or administrator-supported reporting.
Public fund size: First close above ₹300 crore reported in February 2024. A third-party AIF profile reports ₹678 crore, but the manager has not published a final-close confirmation in the reviewed record.. Public terms or access information: Category II performing-credit fund targeting senior secured, cash-flow-backed financing with regular coupons and principal amortisation; public materials describe typical 36–42 month loan tenors and target gross IRR of 16%+, while complete fees, carry, hurdle and reserve terms are not disclosed.. Current fees, minimum commitment and availability must be confirmed for the exact named vehicle in its fund documents.
The current source record names Saurabh Jhalaria (CIO, Alternative Credit Strategies); InCred Alternative Investments credit team. 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: The final close, complete borrower schedule, loan terms, fees, carry, reserve policy and fund-level realised returns are not publicly disclosed. The two named exposures are retained because 2025–2026 issuer filings identify InCred Credit Opportunities Fund II in the related secured-financing and share-pledge records; Vikram Solar and VSL Ventures are related entities in the same sponsor group, so this is a deliberately narrow two-name disclosure rather than an inferred portfolio count..
2026-02-09: A February 2026 NSE filing identifies InCred Credit Opportunities Fund II in the secured-financing and share-pledge disclosures for Vikram Solar and VSL Ventures. InCred’s current structured-credit page continues to identify ICOF II as the second vintage of its performing-credit strategy.
Next step
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