Special situations private credit fund research profile
SBI Alternative Debt Fund is SBI Funds Management’s Category II special-situations credit vehicle. Public company filings identify Kamat Hotels as a fund-held equity or warrant position, and a K Law transaction record identifies a secured NCD subscription for Vimal Plast; the Archean issuer is not named publicly and is therefore excluded from the portfolio list.
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
SBI Alternative Debt Fund uses a special situations private credit; secured and equity-linked financing approach across Hospitality, manufacturing, industrials.
Current evidence
SBI Funds’ 2026 disclosure continues to describe SBIFM Special Situations Fund–1 as a Category II credit-oriented AIF, while the LEI record reflects the current legal name SBI Alternative Debt Fund. Kamat Hotels’ 2025 board report confirms the fund’s 2024 allotment and public shareholding, and K Law identifies a separate Vimal Plast secured-NCD transaction.
Strategy
Special situations private credit; secured and equity-linked financing
Sector focus
Hospitality, manufacturing, 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
SBI Funds’ 2026 disclosure continues to describe SBIFM Special Situations Fund–1 as a Category II credit-oriented AIF, while the LEI record reflects the current legal name SBI Alternative Debt Fund. Kamat Hotels’ 2025 board report confirms the fund’s 2024 allotment and public shareholding, and K Law identifies a separate Vimal Plast secured-NCD transaction.
Investor questions
SBI Alternative Debt Fund is covered in Rupeia's private credit research universe. The current public record describes the strategy as Special situations private credit; secured and equity-linked financing, with a sector focus of Hospitality, manufacturing, industrials. 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 SBI Alternative Debt Fund in the reviewed public sources: Kamat Hotels (India) Limited; Vimal Plast India Private Limited. It does not represent a complete current portfolio unless the manager has published one.
The fund’s current manager disclosure describes a predominantly debt-oriented special-situations strategy with collateral cover and possible equity upside. Kamat Hotels’ 2024–2025 filings show a fund allotment and ongoing holding, while the public record does not disclose fund-level realised IRR, DPI or TVPI. 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 registered on 12 July 2018; current tenure, fees, carry, hurdle, 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 Nand Kishore (Managing Director & CEO, SBI Funds Management); Gaurav Mehta (CIO – Alternatives Equity); SBI Funds Management AIF 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, final corpus, NAV, fees, carry, hurdle, tenure, security package and audited vehicle-level returns are not publicly disclosed. Kamat Hotels and Vimal Plast are retained because company and legal adviser records identify them in fund-linked transactions; the unnamed Archean issuer and generic SBI credit-platform exposures are not substituted..
2026-06-26: SBI Funds’ 2026 disclosure continues to describe SBIFM Special Situations Fund–1 as a Category II credit-oriented AIF, while the LEI record reflects the current legal name SBI Alternative Debt Fund. Kamat Hotels’ 2025 board report confirms the fund’s 2024 allotment and public shareholding, and K Law identifies a separate Vimal Plast secured-NCD transaction.
Next step
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