Private Credit/Healthcare, pharmaceuticals, financial services, industrials
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Modulus India Credit Opportunities Fund

Performing private credit fund research profile

Modulus India Credit Opportunities Fund II is a performing private-credit vehicle for Indian mid-market companies. Its 2025 final-close announcement reports more than INR 700 crore of commitments and 11 investments, while fund-specific reporting supports a named investment in Shivam Autotech and a later exit from Fourth Partner Energy. This directory record bundles the manager's related fund series into one family view while retaining vehicle-level terms, portfolios, dates and sources below.

At a glance

Founded
2023
Footprint
Mumbai
Stage
Performing private credit, growth capital and refinancing for Indian mid-market businesses; Performing private credit; multiple fund vintages bundled

Research profile

Read the manager in sequence.

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 India Credit Opportunities Fund uses a performing private credit, growth capital and refinancing for indian mid-market businesses; performing private credit; multiple fund vintages bundled approach across Healthcare, pharmaceuticals, financial services, industrials.

Current evidence

Economic Times reported Modulus’s first close of India Credit Opportunities Fund III above ₹300 crore in August 2026.

Bundled fund series

Related manager and vehicle records are shown here as one fund family. The original source trails and vehicle-level caveats remain preserved in the research record.

Modulus India Credit Opportunities Fund II

Vintage / record year: 2023

Modulus India Credit Opportunities Fund III

Vintage / record year: 2026

Strategy

Performing private credit, growth capital and refinancing for Indian mid-market businesses; Performing private credit; multiple fund vintages bundled

Sector focus

Healthcare, pharmaceuticals, financial services, 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

Economic Times reported Modulus’s first close of India Credit Opportunities Fund III above ₹300 crore in August 2026.

Investor questions

Modulus India Credit Opportunities Fund research questions

What is Modulus India Credit Opportunities Fund's investment strategy?

Modulus India Credit Opportunities Fund is covered in Rupeia's private credit research universe. The current public record describes the strategy as Performing private credit, growth capital and refinancing for Indian mid-market businesses; Performing private credit; multiple fund vintages bundled, with a sector focus of Healthcare, pharmaceuticals, financial services, industrials. The profile should be read with the linked source trail and Typical route: Category II AIF context.

What portfolio evidence is available for Modulus India Credit Opportunities Fund?

The profile displays only company or asset names attributable to Modulus India Credit Opportunities Fund in the reviewed public sources: Shivam Autotech, Fourth Partner Energy. It does not represent a complete current portfolio unless the manager has published one.

What is known about Modulus India Credit Opportunities Fund's performance or track record?

Modulus reported more than INR 43 crore returned to investors by September 2025 and quarterly cash distributions at a 10% annualised rate including TDS. EY’s H2 2025 India private-credit report identifies an ICOF II exit from Fourth Partner Energy at approximately 15% IRR. These figures are public disclosures, not independently audited net performance. These signals are not a substitute for fund- and vintage-specific net performance, realised distributions and audited or administrator-supported reporting.

What are Modulus India Credit Opportunities Fund's fund size, fees and minimum investment?

Public fund size: More than INR 700 crore at final close, announced September 2025; earlier target was INR 1,250 crore including a green-shoe option. Series-level sizing is retained below; aggregate family AUM is not inferred.. Public terms or access information: Performing private credit, growth capital and refinancing for mid-market Indian businesses; detailed fees, carry, tenor and reserve policy are not publicly disclosed.. Current fees, minimum commitment and availability must be confirmed for the exact named vehicle in its fund documents.

Who is on Modulus India Credit Opportunities Fund's investment team?

The current source record names Rakshat Kapoor, Vinod Rai, Sandeep Sethi, Vinod Kumar. Verify current roles, departures, attribution and key-person provisions before relying on the team history for a new commitment.

What risks should be reviewed before investing with Modulus India Credit Opportunities Fund?

Review borrower concentration, security and seniority, cash versus accrued income, defaults, recoveries, fund leverage and liquidity. The current open diligence point is: The complete 11-company borrower schedule, vehicle-level fees/carry, reserve policy and net returns are not publicly disclosed. Shivam Autotech is directly identified as the fund’s first investment; Fourth Partner Energy is identified as an ICOF II exit in EY’s 2025 India private-credit report. Other platform-level names are not substituted into this vehicle record. Vehicle-level differences remain identified in the bundled series records..

What is the latest public update on Modulus India Credit Opportunities Fund?

2026-08-26: Economic Times reported Modulus’s first close of India Credit Opportunities Fund III above ₹300 crore in August 2026.

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