Key Takeaways
- • Ascertis Credit has crossed $700 million in commitments for its fourth fund, which targets a $1 billion corpus, according to the second close reported by DealStreetAsia.
- • The second close drew existing limited partners plus new investors including insurance companies, development financial institutions, and family offices in India and overseas.
- • The fund follows a $520 million first close in November 2025, one of the largest ever for a private credit fund in India.
- • The International Finance Corporation has proposed an equity investment of up to $50 million in the fund.
- • Fundraising for Indian private credit remains strong, but EY data shows deal activity fell sharply in the first half of 2026, so the raise signals investor appetite rather than faster lending.
Summary
Ascertis Credit, an India- and Southeast Asia-focused private credit firm formerly known as BPEA Credit, has raised more than $700 million in commitments for its fourth fund, which targets a $1 billion corpus. The second close attracted existing limited partners as well as new investors, including insurance companies, development financial institutions, and family offices in India and overseas.
The milestone comes almost a year after the fund's $520 million first close in November 2025, which was among the largest ever for a private credit fund in India. The progress places Fund IV well on the way to its final close, according to the report.
The fund will provide customised credit to high-growth businesses across India and the Singapore-Southeast Asia region, following the strategy of its predecessors. The firm has deployed more than $1.5 billion across prior funds and operates offices in Mumbai, Delhi, and Singapore. The International Finance Corporation has proposed an equity investment of up to $50 million in the fund.
Kanchan Jain, head of Ascertis Credit, said that private credit in Asia is increasingly filling a significant funding gap in credit markets and that there is a clear need for flexible capital solutions that go beyond traditional lending models.
The raise sits within a broader fundraising trend for Indian private credit, with Kotak, Motilal Oswal, and Avendus among firms raising or expanding credit vehicles. Deployment has softened, however, with deal activity falling sharply in the first half of 2026 according to EY. Ascertis's result therefore points to continued investor appetite for the strategy rather than necessarily faster lending.
The milestone comes almost a year after the fund's $520 million first close in November 2025, which was among the largest ever for a private credit fund in India. The progress places Fund IV well on the way to its final close, according to the report.
The fund will provide customised credit to high-growth businesses across India and the Singapore-Southeast Asia region, following the strategy of its predecessors. The firm has deployed more than $1.5 billion across prior funds and operates offices in Mumbai, Delhi, and Singapore. The International Finance Corporation has proposed an equity investment of up to $50 million in the fund.
Kanchan Jain, head of Ascertis Credit, said that private credit in Asia is increasingly filling a significant funding gap in credit markets and that there is a clear need for flexible capital solutions that go beyond traditional lending models.
The raise sits within a broader fundraising trend for Indian private credit, with Kotak, Motilal Oswal, and Avendus among firms raising or expanding credit vehicles. Deployment has softened, however, with deal activity falling sharply in the first half of 2026 according to EY. Ascertis's result therefore points to continued investor appetite for the strategy rather than necessarily faster lending.
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