Special situations credit fund research profile
InCred Special Opportunities Fund I is a ₹1,500 crore hard-cap Category II AIF focused on secured special-situations credit for Indian businesses. Public transaction records identify John Energy and Vizag Profiles as attributable borrowers; the fund's product material describes a larger portfolio but does not provide a complete public company schedule.
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 Special Opportunities Fund I uses a special situations credit approach across Industrials, energy, hospitality, special situations.
Current evidence
InCred Alternatives completed the ₹1,500 crore hard-cap final close in April 2026. February 2026 transaction and issuer records identify John Energy and Vizag Profiles in Fund I debt or security disclosures.
Strategy
Special situations credit
Sector focus
Industrials, energy, hospitality, 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
InCred Alternatives completed the ₹1,500 crore hard-cap final close in April 2026. February 2026 transaction and issuer records identify John Energy and Vizag Profiles in Fund I debt or security disclosures.
Investor questions
InCred Special Opportunities Fund I is covered in Rupeia's private credit research universe. The current public record describes the strategy as Special situations credit, with a sector focus of Industrials, energy, hospitality, 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 InCred Special Opportunities Fund I in the reviewed public sources: John Energy Limited; Vizag Profiles Private Limited. It does not represent a complete current portfolio unless the manager has published one.
InCred reported commitments above ₹600 crore in April 2025 and a ₹1,500 crore hard-cap final close in April 2026. A 2025 manager deck reported ₹440 crore invested across five transactions with a 21.1% current portfolio IRR; this is manager-reported gross information, not audited net vehicle performance. These signals are not a substitute for fund- and vintage-specific net performance, realised distributions and audited or administrator-supported reporting.
Public fund size: ₹1,500 crore hard-cap final close reported in April 2026; earlier materials reported a ₹1,000 crore base plus ₹500 crore greenshoe.. Public terms or access information: 6.5-year close-ended Category II AIF; product material reports a 21–23% targeted gross IRR, 12% hurdle and 15% carry for the stated ticket band. Current PPM terms should be confirmed with the manager.. 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 – Private Credit, InCred Alternative Investments); InCred Alternatives private-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 complete 15–18-company borrower schedule, current NAV, fees, carry, security package and audited net-return data are not publicly disclosed. John Energy and Vizag Profiles are retained because public transaction and issuer records identify InCred Special Opportunities Fund I directly; product-deck project nicknames and broader InCred platform holdings are not presented as company names..
2026-04-06: InCred Alternatives completed the ₹1,500 crore hard-cap final close in April 2026. February 2026 transaction and issuer records identify John Energy and Vizag Profiles in Fund I debt or security disclosures.
Next step
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