Key Takeaways
- • Neo Alternative Asset Managers (NAAM) raised ₹6,200 crore for its second special credit opportunities fund, Neo Special Credit Opportunities Fund-II (NSCOF-II), exceeding its ₹5,000 crore initial target by 24%.
- • NSCOF-II will provide structured financing to mid-market Indian companies for capex, refinancing, last-mile funding, acquisition financing and growth capital, with individual deal sizes of ₹150 crore to ₹500 crore.
- • The fund targets a portfolio of approximately 35-40 investments, structured through NCDs, OCDs and CCDs and backed by collateral, according to NAAM's Puneet Jain and Rubin Chheda.
- • The first fund, NSCOF-I, closed in June 2024 with ₹2,575 crore in commitments, has deployed more than 150% of its corpus across 35 investments and 17 exits, per the company; the second fund's raise is roughly 2.4 times that figure.
- • NSCOF-II is a SEBI-registered Category II AIF, and the article notes that special situations credit carries credit, delayed-repayment, default and collateral-recovery risks.
Summary
Neo Alternative Asset Managers (NAAM), the alternative asset management arm of Neo Wealth and Asset Management, has raised ₹6,200 crore through its second special credit opportunities strategy, according to CNBC-TV18. The figure exceeds the fund's initial fundraising target of ₹5,000 crore. Other outlets reported that the final close was announced on Tuesday, November 3, 2026 (PTI).
The vehicle, Neo Special Credit Opportunities Fund-II (NSCOF-II), will provide structured financing to mid-market Indian companies for capital expenditure, refinancing and last-mile funding. It will also cover acquisition financing, growth capital and special situations where conventional lending structures may not meet a borrower's needs. Rubin Chheda, Managing Director and Head of Special Situations Credit at NAAM, said the fund will provide short-term solution capital, with individual deal sizes ranging from ₹150 crore to ₹500 crore. The strategy will focus on established businesses with operating cash flows. Financing will be structured through non-convertible debentures (NCDs), optionally convertible debentures (OCDs) and compulsorily convertible debentures (CCDs). Puneet Jain, Co-Founder and Chief Investment Officer of NAAM, said the fund plans to build a portfolio of approximately 35-40 investments.
NAAM said the fund builds on its first vehicle with a focus on rigorous underwriting and downside protection. Chheda described India's mid-market special situations credit segment as a large, underserved opportunity. The approach relies on selective, collateral-backed transactions and an assessment of each borrower's ability to generate cash flows. NSCOF-II is a SEBI-registered Category II Alternative Investment Fund.
The predecessor, NSCOF-I, closed in June 2024 with commitments of ₹2,575 crore. According to the company, it has recorded gross deployment above 150% of its corpus, completed 35 investments and achieved 17 exits since inception. The second fund's ₹6,200 crore is about 2.4 times the first fund's commitments.
Neo Wealth and Asset Management, founded in 2021, provides wealth and asset management services to family offices, UHNIs, HNIs, institutions and corporates. The company reports approximately ₹1.40 lakh crore in total client assets across advisory and management mandates, with a presence in 17 Indian cities and two international locations. NAAM manages more than ₹31,000 crore across four strategies in private equity, private credit and real assets, including infrastructure and real estate. Neo is backed by Peak XV Partners, TVS Capital, Japan's MUFG and New York-based Euclidean Capital.
The vehicle, Neo Special Credit Opportunities Fund-II (NSCOF-II), will provide structured financing to mid-market Indian companies for capital expenditure, refinancing and last-mile funding. It will also cover acquisition financing, growth capital and special situations where conventional lending structures may not meet a borrower's needs. Rubin Chheda, Managing Director and Head of Special Situations Credit at NAAM, said the fund will provide short-term solution capital, with individual deal sizes ranging from ₹150 crore to ₹500 crore. The strategy will focus on established businesses with operating cash flows. Financing will be structured through non-convertible debentures (NCDs), optionally convertible debentures (OCDs) and compulsorily convertible debentures (CCDs). Puneet Jain, Co-Founder and Chief Investment Officer of NAAM, said the fund plans to build a portfolio of approximately 35-40 investments.
NAAM said the fund builds on its first vehicle with a focus on rigorous underwriting and downside protection. Chheda described India's mid-market special situations credit segment as a large, underserved opportunity. The approach relies on selective, collateral-backed transactions and an assessment of each borrower's ability to generate cash flows. NSCOF-II is a SEBI-registered Category II Alternative Investment Fund.
The predecessor, NSCOF-I, closed in June 2024 with commitments of ₹2,575 crore. According to the company, it has recorded gross deployment above 150% of its corpus, completed 35 investments and achieved 17 exits since inception. The second fund's ₹6,200 crore is about 2.4 times the first fund's commitments.
Neo Wealth and Asset Management, founded in 2021, provides wealth and asset management services to family offices, UHNIs, HNIs, institutions and corporates. The company reports approximately ₹1.40 lakh crore in total client assets across advisory and management mandates, with a presence in 17 Indian cities and two international locations. NAAM manages more than ₹31,000 crore across four strategies in private equity, private credit and real assets, including infrastructure and real estate. Neo is backed by Peak XV Partners, TVS Capital, Japan's MUFG and New York-based Euclidean Capital.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.