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UTI Capital Pvt Ltd, the wholly-owned Category-II alternative investment company of UTI Asset Management, has raised ₹480 crore through its first UTI Structured Debt Opportunities Fund-1.
Target corpus: ₹750 crThe UTI’s Debt Opportunities Fund was launched with a target corpus of ₹750 crore with a greenshoe option (to retain additional subscription) of ₹250 crore.
The capital commitments in the fund currently stand at over ₹480 crore. Leo Puri, Managing Director, UTI AMC and Chairman of UTI Capital said the speed with which UTI was able to achieve a sizeable close for the first Alternative Investment Fund (AIF) reflects the confidence that large sophisticated investors continue to repose in the UTI brand.
“Key investors have appreciated the tremendous opportunity in the Indian private debt space and the credit arbitrage opportunities that exist.
“Notably a significant portion of the current commitment has come from domestic and international institutional investors and family offices,” said Imtaiyazur Rahman, Group President & Chief Finance Officer, UTI AMC, and Director of UTI Capital.
Aims mid-market spaceRohit Gulati, Managing Partner of UTI Capital, said the fund aims to fill the void in the mid-market, where traditional capital sources may not be readily available to many high-quality and creditworthy borrowers due to various constraints. “We seek to identify and create a portfolio of such borrowers through active origination, underwriting, monitoring and hence, create value for our investors,” he added.
“We have actively been originating and have a healthy pipeline of potential transactions. Our sweet spot is a transaction size of ₹50-150 crore,” said Shaurya Arora, Partner, UTI Capital.
UTI Capital is the alternatives vehicle for UTI Assets Management Company. It is also the Investment Manager of UTI Structured Debt Opportunities Trust, a Category II AIF which received its SEBI registration in August. UTI Structured Debt Opportunities Fund is the first scheme of UTI Structured Debt Opportunities Trust.
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