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Kotak Investment Advisors on Monday said it has achieved the final closure for the Kotak special situations fund, having received an aggregate commitment for USD 1 billion. The fund will focus on non-performing loans (NPLs) which are either facing insolvency procedures or are outside the IBC process.
“The fund has a flexible investment mandate enabling us to provide the much-needed capital to address the short- term financial dislocation in the market as well as long-term capital to address the NPL issue,” Kotak Investment Advisors managing director Srini Sriniwasan, said in a statement.
The fund was launched in February 2019 and is anchored by a USD 500-million commitment from a wholly-owned subsidiary of the Abu Dhabi Investment Authority.
Read more:Special situations fund from Kotak
“We have a robust pipeline of transactions coming through as structured credit solutions as well as potential settlement of NPLs under the new RBI dispensation. This is in addition to the opportunities that arise out of the IBC process as well,” Kotak special situations fund chief executive Eshwar Karra said.
Kotak Investment Advisors is a wholly-owned subsidiary of Kotak Mahindra Bank and focuses on the alternate assets business of the group.
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