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Kotak Investment Advisors, a wholly-owned subsidiary of Kotak Mahindra Bank, has closed its Kotak Special Situations Fund with aggregate commitments of $1 billion.
The fund was launched in February 2019 and was anchored by a $500-million commitment from a wholly-owned subsidiary of Abu Dhabi Investment Authority.
The Kotak Special Situations Fund is an Alternative Investment Fund (AIF) under SEBI regulations, managed by the Alternate Asset Management AMC, Kotak Investment Advisors.
Srini Sriniwasan, Managing Director, Kotak Investment Advisors, said the fund has been closed at an opportune time.
The fund has a flexible investment mandate to provide the much-needed capital to address the short-term financial dislocation in the market, as well as the long-term capital to address the non-performing loan issue.
Read more:Special situations fund from Kotak
Eshwar Karra, CEO, Kotak Special Situations Fund, said there has been a robust pipeline of transactions coming through as structured credit solutions and potential settlement of non-performing loans under the new RBI dispensation. This is in addition to the opportunities that arise out of the IBC process, besides significant opportunity to provide bespoke financing in a range of situations.
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