360 ONE Asset Management (formerly IIFL Asset Management), a leading alternative investment solution provider, has raised ₹2,130 crore, exceeding the target corpus of ₹1,500 crore with greenshoe option.

The rising interest of investors in the private credit space helped garner collections of about 1.5 times the originally envisaged corpus. The fund witnessed participation from corporate treasuries, family offices, high-net-worth individuals and domestic financial institutions.

This is the fourth private credit fund of 360 One Asset.

The fund is sector-agnostic with an underlying investment philosophy focused on providing flexible, bespoke secured credit solutions to clients. The fund has already deployed a significant amount across diversified sectors and has a robust pipeline for further investments.

With the closure of this fund, the AUM of the private credit strategy under 360 ONE Asset is inching close to $1 billion and it aims to achieve this milestone in FY24.

Karan Bhagat, Founder, Managing Director, 360 ONE Asset said strong investor sentiment has propelled record fundraising in India-focused funds and this underscores the long-term promise of India’s private credit story.

Aakash Desai, CIO, 360 ONE Asset said the private credit asset class is becoming attractive and seeing significant traction as it is a resilient asset class which provides access to bespoke investment opportunities, optimal portfolio diversification and enhanced risk adjusted returns.

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