Structured and performing private credit fund research profile
KKR India Debt Opportunities Fund II is a dedicated Indian Category II credit vehicle with a current manager relationship to InCred Holdings. Public issuer, court and investor records directly identify Karuna Healthcare and Max Ventures Investment Holdings in fund-linked debt or investment records; the profile does not infer a wider portfolio from KKR’s global credit platform.
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
KKR India Debt Opportunities Fund II uses a structured and performing private credit; senior and mezzanine debt approach across Healthcare, industrials, real estate.
Current evidence
InCred Holdings’ current website identifies it as investment manager to KKR India Debt Opportunities Fund II and states the vehicle’s SEBI registration number. The fund’s LEI record was updated on 16 December 2025, and a tribunal judgment pronounced on 24 August 2026 documents the Fund II investment relationship; only directly attributable borrower or investment names are retained.
Strategy
Structured and performing private credit; senior and mezzanine debt
Sector focus
Healthcare, industrials, real estate
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 Holdings’ current website identifies it as investment manager to KKR India Debt Opportunities Fund II and states the vehicle’s SEBI registration number. The fund’s LEI record was updated on 16 December 2025, and a tribunal judgment pronounced on 24 August 2026 documents the Fund II investment relationship; only directly attributable borrower or investment names are retained.
Investor questions
KKR India Debt Opportunities Fund II is covered in Rupeia's private credit research universe. The current public record describes the strategy as Structured and performing private credit; senior and mezzanine debt, with a sector focus of Healthcare, industrials, real estate. 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 KKR India Debt Opportunities Fund II in the reviewed public sources: Karuna Healthcare Private Limited; Max Ventures Investment Holdings Private Limited. It does not represent a complete current portfolio unless the manager has published one.
Public records show fund-linked investments and debt arrangements involving Karuna Healthcare and Max Ventures Investment Holdings. The 2026 Hero Fincorp tribunal record also documents an ₹83 crore investment in the Fund II units. Fund-level realised returns, losses and recovery outcomes 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: Not publicly disclosed.. Public terms or access information: Category II AIF established on 20 April 2016; current fees, carry, hurdle, tenure, liquidity, security package 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 Bhupinder Singh (Chairman, Whole-time Director & CEO, InCred Holdings); Gaurav Maheshwari (Whole-time Director & CFO, InCred Holdings); InCred Holdings 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 full current borrower schedule, fund size, final close, NAV, fees, carry, hurdle, tenure, security package and audited vehicle-level returns are not publicly disclosed. The two portfolio names are retained only because direct issuer, court or investment records identify them in Fund II-linked arrangements; legacy or broader KKR India exposures are not substituted..
2026-08-24: InCred Holdings’ current website identifies it as investment manager to KKR India Debt Opportunities Fund II and states the vehicle’s SEBI registration number. The fund’s LEI record was updated on 16 December 2025, and a tribunal judgment pronounced on 24 August 2026 documents the Fund II investment relationship; only directly attributable borrower or investment names are retained.
Next step
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