Performing credit fund research profile
Modulus Alternatives, formerly Centrum Alternatives, is an India-focused private-credit manager targeting performing credit for mid-market companies. Its public materials provide clear evidence on Fund I deployment and investor returns while positioning ICOF II as the next vehicle.
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
Modulus Alternatives (ex-Centrum Alternatives) uses a performing credit approach across Performing private credit, growth capital, refinancing.
Current evidence
Modulus Alternatives’ third private-credit fund, India Credit Opportunities Fund III, reached a first close above ₹300 crore on 26 August 2026 against a ₹2,000 crore target including greenshoe. Earlier attributable transactions include a ₹150 crore commitment to Shivam Autotech, a ₹350 crore MedPlus Health Services promoter-level refinancing and a public filing that identifies Wockhardt as a Modulus debt exposure. The current fund vehicle is active, but the manager does not publish a complete borrower schedule.
Strategy
Performing credit
Sector focus
Performing private credit, growth capital, refinancing
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
Modulus Alternatives’ third private-credit fund, India Credit Opportunities Fund III, reached a first close above ₹300 crore on 26 August 2026 against a ₹2,000 crore target including greenshoe. Earlier attributable transactions include a ₹150 crore commitment to Shivam Autotech, a ₹350 crore MedPlus Health Services promoter-level refinancing and a public filing that identifies Wockhardt as a Modulus debt exposure. The current fund vehicle is active, but the manager does not publish a complete borrower schedule.
Investor questions
Modulus Alternatives (ex-Centrum Alternatives) is covered in Rupeia's private credit research universe. The current public record describes the strategy as Performing credit, with a sector focus of Performing private credit, growth capital, refinancing. 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 Modulus Alternatives (ex-Centrum Alternatives) in the reviewed public sources: Shivam Autotech, MedPlus Health Services promoter refinancing, ICOF II named borrowers not fully disclosed. It does not represent a complete current portfolio unless the manager has published one.
Centrum materials state that Fund I invested ₹1,790 crore and returned more than ₹1,050 crore; a later presentation reports median investor IRR of 14.28% pre-tax and post-expenses. These are Fund I outcomes, not a guarantee for Fund II. These signals are not a substitute for fund- and vintage-specific net performance, realised distributions and audited or administrator-supported reporting.
Public fund size: Fund I invested capital of ₹1,790 crore; ICOF II was reported with a ₹1,250 crore target in Centrum disclosures.. Public terms or access information: Performing private credit for healthcare, pharmaceuticals, specialty chemicals, branded consumer, logistics and warehousing; detailed fees and carry are private terms.. Current fees, minimum commitment and availability must be confirmed for the exact named vehicle in its fund documents.
The current source record names Vinod Kumar (Modulus Alternatives); Sandeep Sethi (Modulus Alternatives); Alok Agarwal (backer and former Reliance Industries CFO). 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: Vehicle-level mapping for each named borrower, complete current ICOF III deployment and independently audited fund-level outcomes remain not publicly disclosed..
2026-08-26: Modulus Alternatives’ third private-credit fund, India Credit Opportunities Fund III, reached a first close above ₹300 crore on 26 August 2026 against a ₹2,000 crore target including greenshoe. Earlier attributable transactions include a ₹150 crore commitment to Shivam Autotech, a ₹350 crore MedPlus Health Services promoter-level refinancing and a public filing that identifies Wockhardt as a Modulus debt exposure. The current fund vehicle is active, but the manager does not publish a complete borrower schedule.
Next step
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