Ascertis Credit has secured a first close of $520 million for its fourth fund, marking a significant step toward its $1 billion target. The close represents the largest first close for a performing private credit fund in India. It reinforces investor confidence in the firm’s strategy, track record, and expanding presence across India and Southeast Asia.
Fund IV will continue the firm’s emphasis on structured, performing credit for high-growth, mid-market companies. The vehicle is built around Ascertis Credit’s Solution Capital philosophy, which prioritizes stable, risk-adjusted returns while offering flexible, non-dilutive financing options for businesses seeking to scale.
The firm noted that India and SEA are becoming increasingly important markets for private credit as economic expansion and capital demand accelerate. Ascertis Credit said it remains committed to delivering long-term value to investors, supporting portfolio companies with tailored credit solutions, and contributing to the broader regional economy.
Some of the projects that Ascertis Credit invested in before include:
— A leading solar-module manufacturer in India, where they reportedly invested across three rounds, enabling capacity growth from ~0.5 GW to ~6 GW and ~4-fold revenue growth.
— A significant industrial gearbox/manufacturing business, where they provided tailored capital, and the company doubled earnings in ~4 years.
— A large flexible/co-working workspace operator in India (39 centres, ~65,000 desks). Their investment aided growth to ~91,758 desks (+41%) and over a 150% increase in EBITDA.
— A road/highway infrastructure EPC business, with multiple rounds of funding support for operations and monetisation.
The firm expressed gratitude to its partners and investors for their ongoing support as the fund continues its fundraising toward the $1 billion goal.
