Typical route: Category II AIF · PC manager directory
Performing credit, venture debt, structured-credit and special-situations managers. Compare the public evidence before you decide which managers deserve a deeper diligence conversation.
Indian private credit, venture-debt and special-situations funds are commonly structured as Category II AIFs. Verify the specific vehicle and registration before investing.
Understand this AIF category →Strategy research
The directory covers Category II AIF private credit strategies across direct lending, performing credit, venture debt, real-estate debt, structured credit and special situations. Compare security, seniority, borrower concentration, cash yield, accrued income and recovery evidence.
Private credit returns and yields are not interchangeable. Separate cash distributions from accrued income, and review defaults, write-offs, security enforcement and recoveries before comparing managers.
Research by mandate
Manager universe
2008
Special opps credit + RE credit
Senior-secured lending, structured credit, special situations
2023
Performing private credit; secured and structured debt for established Indian businesses
Financial services, consumer, healthcare, industrials
2023
Performing private credit; securitised debt and growth capital
MSME and vehicle finance, fintech, mortgage
2022
Structured private credit; growth and supply-chain finance
Food and agritech, green manufacturing, logistics and supply chain, renewables and climate
1994
Senior-secured real-estate credit
Residential development, brownfield real estate, mid-market developers
2022
Structured credit and special situations with equity upside
Industrials, infrastructure, manufacturing, special situations
2017
Venture debt
VC-backed startups
2016
Private credit (SME/promoter)
Mezzanine debt, structured credit, growth capital
1990
Direct lending, hybrid, special sits
Investment-grade private credit, infrastructure finance, hybrid capital
2024
Residential real-estate private credit; growth capital and secured project debt
Residential real estate, affordable housing, project finance
2011
Performing + structured credit
Performing credit, growth capital, structured lending
2020
Performing private credit; senior secured and structured debt for Indian mid-market companies
Financial services, technology, infrastructure services
2024
Short-duration performing private credit; senior secured and bespoke growth capital
Financial services, construction materials, industrials, healthcare
2009
RE credit + equity
Residential developers
2017
Structured/performing credit
Structured credit, performing credit, special situations
2022
Structured private credit; senior-secured and mezzanine growth capital
Manufacturing, healthcare, technology, education
2018
Structured real-estate project debt
Residential real estate, affordable housing, project finance
2009
Secured structured credit and private credit
Mid-market businesses, infrastructure, structured finance
2016
Venture debt + structured
Startups + SMEs
2024
Performing and structured private credit; secured growth capital
Consumer, financial services, technology, healthcare
2023
Private debt; financial inclusion and climate credit
MSME finance, digital financial services, renewable energy, climate adaptation
2001
Infrastructure debt
Renewable energy, EV infrastructure, affordable housing
2007
Private debt; microfinance and financial-institution lending
Microfinance, affordable housing, SME finance, financial inclusion
1992
Distressed / NPL
Stressed assets, corporate credit, real estate
2018
RE credit (senior secured)
Residential developers
1983
Special situations
Stressed corporates, RE
2008
Performing credit, special situations, infra yield, RE credit
Performing credit, special situations, real-estate credit, infrastructure yield
2021
Special situations, stressed assets and structured capital
Special situations, manufacturing, real estate
2019
Performing private credit; structured financing, promoter financing and special situations
Industrials, life sciences, agrochemicals, real estate
1986
Special situations
Stressed corporates, real estate, structured credit
2025
Senior secured and structured private credit; financial-services and operating-company debt
Financial services, housing finance, SME lending, consumer businesses
2020
Impact private credit; NCDs to Indian financial-inclusion and fintech businesses
Microfinance, fintech, non-bank finance
2022
Senior secured private credit; growth, acquisition and refinancing capital
Consumer, SaaS, manufacturing, engineering services
2016
RE credit (affordable housing)
Residential developers
2025
Performing private credit; secured corporate lending
Financial institutions, healthcare, industrials, consumer
2022
Performing credit + special opportunities
VC-backed + institutional mid-market
2024
Performing private credit; senior secured growth and refinancing capital
Consumer, financial services, technology, industrials
2025
Special situations credit
Industrials, energy, hospitality, special situations
2008
Venture debt
Venture debt, growth-stage technology, healthcare
2022
Venture debt for growth-stage technology, healthcare, consumer and digital businesses
Technology, healthcare, consumer, digital businesses
2024
Performing private credit; senior-secured structured debt
Mid-market corporates, manufacturing, infrastructure, healthcare
2024
Infrastructure private credit and bespoke intermediate capital
Renewables, digital infrastructure, transport, social infrastructure
2016
Structured and performing private credit; senior and mezzanine debt
Healthcare, industrials, real estate
2005
Performing private credit, strategic situations and structured financing
Mid-market businesses, promoter financing, healthcare and special situations
2025
Performing private credit and structured solution capital
Mid-market corporates, acquisition finance, growth capital
2024
Performing credit
Performing credit, acquisition finance, mid-market corporates
2023
Venture debt; Series A and later
Fintech, healthtech, mobility, consumer technology
2021
Structured real-estate private credit
Affordable housing, residential real estate, SME developers
2006
Private debt; inclusive-finance and MFI lending
Microfinance, affordable housing, SME finance, women’s financial inclusion
2018
Structured real-estate credit and asset-backed lending
Logistics, industrial real estate, housing
2012
Performing credit
Performing private credit, growth capital, refinancing
2023
Performing private credit, growth capital and refinancing for Indian mid-market businesses; Performing private credit; multiple fund vintages bundled
Healthcare, pharmaceuticals, financial services, industrials
2026
Performing private credit; structured debt and equity-linked capital for established mid-market companies
Renewable energy, electric mobility, industrials
2013
RE credit
Residential developers
2021
Special credit, infra income, multi-asset
Mid-market special sits, infra yield
2023
Infrastructure income and asset-backed private credit
Roads, renewable energy, infrastructure assets
2024
Special situations credit; direct lending; bilateral debt buyouts; TopCo lending
Manufacturing, packaging, infrastructure, building materials
2023
Performing and structured private credit; senior secured debt for established Indian businesses
Financial services, industrials, housing finance, manufacturing
2019
Performing real-estate private credit; senior secured project finance
Residential real estate, urban infrastructure, mid-income housing
2022
Special-situations private credit; senior secured and mezzanine real-estate capital
Residential real estate, mixed-use development, stressed assets
2022
Performing corporate credit; senior secured NCDs; emerging-company finance
New-age companies, renewable energy, corporate finance
2024
Performing private credit; financial institutions and underserved-sector lenders
MSME finance, microfinance, vehicle finance, consumer finance
2024
Fintech and NBFC private credit; senior debt and NCDs
Fintech, microfinance, vehicle finance, small-business and consumer finance
2014
Performing credit to financial intermediaries
NBFCs, MFIs, HFCs, SME lenders
1995
Distressed, special sits
Private credit, real estate debt, stressed assets
2002
Private debt and special situations
Real estate, industrials, corporate finance
2021
Performing + structured credit
Performing credit, structured credit, healthcare
2023
Performing private credit; growth and refinancing capital
Healthcare, pharmaceuticals, industrials, consumer and automotive
2021
Performing private credit; growth, refinancing and structured debt
Industrials, healthcare, consumer, mobility and technology
2020
Performing and structured private credit; growth and special situations
Healthcare and pharmaceuticals, technology, financial services, industrials
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2020
Performing and special-situations private credit
Asset-heavy businesses, manufacturing, B2B, consumer brands
2018
Special situations private credit; secured and equity-linked financing
Hospitality, manufacturing, industrials
2009
Secondary loans, special sits, direct
Senior-secured lending, special situations, real estate
2025
Performing structured credit; mid-market India
Manufacturing, healthcare, clean energy, digital infrastructure
2019
Venture debt
Venture debt, growth credit, climate finance
2024
Venture debt and structured growth credit
Technology, fintech, SaaS, consumer brands
2018
RE credit + performing credit
South India mid-market, RE developers
2023
Senior secured and mezzanine real-estate private credit
Residential real estate, commercial real estate, logistics
2024
Senior secured performing private credit
Financial services, technology, manufacturing, infrastructure
2019
Priority last-mile debt for stalled residential projects
Affordable housing, mid-income housing, stressed real estate
2015
Venture debt
VC-backed startups
2024
Senior-secured venture debt; growth financing; equity-linked debt
Technology, climate and mobility, healthcare, fintech
2025
Performing private credit and special situations; secured growth and refinancing capital
Middle-market businesses, industrials, infrastructure, technology
2022
Performing credit and special situations
Middle-market lending, performing credit, special situations
2022
Structured private credit; mid-market and bespoke financings
Mid-market companies, structured debt, asset-backed lending
1993
Special situations credit
Stressed corporates, real estate, infrastructure
2023
Performing private credit; secured and structured debt for high-growth companies and specialty lenders
NBFCs, fintech, healthcare, industrials
2019
Performing credit (mid-market + FI lending)
Mid-market corporates, NBFCs
2024
Performing private credit; flexible debt for mid- to large Indian corporates; Private credit; multiple fund vintages bundled
financial services, logistics, NBFCs, infrastructure services
2021
Performing corporate credit; NCDs and structured debt
Financial services, MSME lenders, mid-market corporates
2023
Real-estate private credit; senior secured construction and project finance
Residential real estate, affordable housing, urban development
Evidence standard
A directory entry is a research starting point, not a recommendation. Profiles separate what is established, what is still open and where the public evidence came from.
Read how the research is evaluated →Strategy, stage, sectors and footprint.
Latest dated public update and fund context.
Gaps, caveats and source links to inspect.
Investor questions
Compare funds within the same credit strategy. Review borrower quality, seniority, security, concentration, cash coupon versus accrued income, fees, defaults, write-offs, recoveries, fund leverage, liquidity and the match between loan duration and fund tenure.
Use the Rupeia private-credit directory as a public research starting point, then verify each manager and named vehicle against current fund documents, audited reporting, portfolio or borrower disclosures and a manager diligence meeting.
A strategy description alone does not establish regular investor income. Confirm the named fund's distribution policy, cash coupon collections, repayment schedule, reserves, fees and whether reported yield includes accrued or capitalised interest before relying on an income expectation.
Yield may describe contractual, accrued or cash income over a period. Investor return also reflects fees, defaults, recoveries, timing, capital calls, distributions and any gain or loss on principal. The two figures should not be used interchangeably.
Review the definition of default, the observation period, amendments and restructurings, realised write-offs, time to recovery, enforcement costs and cash actually recovered. Security reduces some loss risk but does not remove default, valuation or liquidity risk.