India’s private credit market crossed $12.4 billion in 2025.
The single biggest deal — Shapoorji Pallonji’s ₹28,500 crore refinancing — paid 19.75% per year. On a zero-coupon bond. Meaning no cash until maturity. Meaning the lenders were Ares Management, Cerberus Capital, Davidson Kempner, and Farallon — firms with full-time debt workout teams.
The ₹1 crore minimum AIF your wealth manager showed you last month is not that deal. It is not the Reliance Logistics deal either. Or the Vedanta Semiconductors deal.
It is a mid-market credit position in a fund with a 5-year lock-in, manager-marked NAV, and a gross IRR target that looks very different once you remove the management fee, the carry, and your tax slab.
This issue maps five real deals. And stress-test the gap between the market and your allocation.
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