Performing private credit fund research profile
Piramal Performing Credit Fund provides structured growth and refinancing capital to established Indian mid-market businesses. Public coverage and Piramal materials attribute five portfolio companies to the performing-credit strategy; the profile keeps vehicle-level performance, fees and the complete current borrower schedule as not publicly disclosed.
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
Piramal Performing Credit Fund uses a performing private credit; growth, refinancing and structured debt approach across Industrials, healthcare, consumer, mobility and technology.
Current evidence
Piramal’s current alternatives materials and 2025 annual-report disclosures continue to describe the performing-credit fund as an active strategy; Anant Khatri joined as co-head in 2025, while the public record retains the dated TSI and PMI Electro Mobility financings and earlier named strategy portfolio.
Strategy
Performing private credit; growth, refinancing and structured debt
Sector focus
Industrials, healthcare, consumer, mobility and technology
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
Piramal’s current alternatives materials and 2025 annual-report disclosures continue to describe the performing-credit fund as an active strategy; Anant Khatri joined as co-head in 2025, while the public record retains the dated TSI and PMI Electro Mobility financings and earlier named strategy portfolio.
Investor questions
Piramal Performing Credit Fund is covered in Rupeia's private credit research universe. The current public record describes the strategy as Performing private credit; growth, refinancing and structured debt, with a sector focus of Industrials, healthcare, consumer, mobility and technology. 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 Piramal Performing Credit Fund in the reviewed public sources: TSI; Harmony Organics; Azad Engineering; Impresario Entertainment; PMI Electro Mobility. It does not represent a complete current portfolio unless the manager has published one.
Public announcements report a ₹200 crore financing for TSI and identify Harmony Organics, Azad Engineering and Impresario Entertainment among the performing-credit portfolio; ET Auto reported a ₹250 crore PMI Electro Mobility financing through the fund. Piramal does not publish audited fund-level net IRR, DPI or TVPI for the vehicle. These signals are not a substitute for fund- and vintage-specific net performance, realised distributions and audited or administrator-supported reporting.
Public fund size: Piramal’s annual-report materials describe approximately US$1 billion of committed capital and more than 70% deployment for the performing-credit fund; the exact current fund size and final close are not publicly disclosed.. Public terms or access information: Sector-agnostic performing-credit strategy for mid-market Indian companies, with tailored debt and structured capital. Exact term, fee, carry, hurdle, recycling and investor liquidity terms are not publicly disclosed in the reviewed sources.. Current fees, minimum commitment and availability must be confirmed for the exact named vehicle in its fund documents.
The current source record names Kalpesh Kikani (CEO, Piramal Alternatives); Abhishek Jain (Co-Head, Performing Credit); Anant Khatri (Co-Head, Performing Credit). 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: Piramal uses more than one performing-credit vehicle and does not publish a complete current borrower schedule or audited vehicle-level net returns. The profile retains only names directly attributed to the Performing Credit Fund in public announcements and excludes PCF II, structured-credit and IndiaRF exposures..
2025-10-01: Piramal’s current alternatives materials and 2025 annual-report disclosures continue to describe the performing-credit fund as an active strategy; Anant Khatri joined as co-head in 2025, while the public record retains the dated TSI and PMI Electro Mobility financings and earlier named strategy portfolio.
Next step
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