The BlackSoil India Credit Fund II, launched in October 2023, has fully drawn down investor commitments and completed 10 exits, according to the company. The deployment is 1.5 times the fund’s corpus, with repayments and exits recycled into new investments.
The fund is a Sebi-registered Category II Alternative Investment Fund that provides performing credit to businesses across sectors including financial services, fintech, healthcare, consumer, SaaS, deeptech, electric vehicles and mobility.
Consumer and Internet businesses account for 35% of the portfolio, while fintech and financial services make up 25%. Mobility, IoT, SaaS and deeptech account for another 25%, with healthcare and healthtech comprising the remaining 15%.
Companies financed by the fund include Mintoak, Euler Motors, Curefoods, Bluestone, AgroStar and Progcap.
BlackSoil said the fund’s investor base comprises family offices and high-net-worth individuals, with a majority of commitments coming from repeat investors.
Chirag Shah, Executive Director, BlackSoil Asset Management, said the fund’s deployment reflected its approach of supporting businesses through different stages of growth. He also said the firm plans to build a platform of thematic credit funds targeting specific market opportunities.The fund’s deployment comes as private credit gains traction as an alternative source of financing for growth-stage businesses. BlackSoil said demand for alternative financing has increased amid moderated bank credit growth.
