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Our Bureau Kotak Investment Advisors (KIAL), a wholly-owned subsidiary of Kotak Mahindra Bank, has launched a special situations fund (SSF) to target a range of non-performing loan (NPL) opportunities in India. The fund is being anchored by a $500-million commitment from a wholly-owned arm of the Abu Dhabi Investment Authority. The SSF will target both pre-stress and distressed opportunities, with key focus on providing financial support to pre-stress businesses to prevent them from entering insolvency, the company said in a statement. The fund is structured as an AIF under SEBI regulations.
Srini Sriniwasan, Managing Director & CEO, KIAL, said, “The Kotak SSF has been created to address the NPL issue and market dislocation by providing much-needed capital and momentum to finding resolutions in both pre-stress and distressed situations.”
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