Piramal Alternatives

UTI Alternatives is a Mumbai investment manager with private credit and real asset strategies. Its structured debt funds provide capital to Indian mid-market companies. It reported ₹5,280 crore in active commitments under management as of March 2026.

Neo Alternative Asset Managers is a Mumbai credit and fixed-income investment manager within Neo Group. It manages private credit and income strategies, including special credit opportunities and core credit, and also invests in real assets.

Modulus Alternatives is a Mumbai private credit investment manager formerly known as Centrum Alternatives. Its funds provide performing and structured credit to Indian mid-market companies. Disclosed transactions include a financing commitment to Shivam Autotech.

VentureSoul Partners is a Mumbai venture debt manager that finances growing businesses. Its investment manager, VentureSoul Managers India LLP, manages the registered VentureSoul Capital Fund I.

InCred Alternatives is the Mumbai credit investment manager within InCred Capital. It provides structured and performing credit to companies. In April 2026 it reported more than ₹4,000 crore of private credit assets under management after closing its special opportunities fund.

Dalmia Nisus Finance Investment Managers is a Mumbai real estate credit investment manager backed by Dalmia Group Holdings and Nisus Finance. It provides structured finance to Indian real estate projects through its credit fund.

Alteria Capital is a Mumbai venture debt manager that finances Indian startups backed by venture capital investors. It provides debt and other structured funding to support growth while limiting equity dilution.

Anicut Capital is a Chennai investment manager with a private credit strategy focused on profitable mid-market companies. It provides mezzanine and structured debt and also operates seed and growth equity strategies. The firm reports more than ₹3,500 crore in total assets under management across its strategies.

BlackSoil Asset Management is a Mumbai credit fund manager. It manages the BlackSoil India Credit funds and Walton Street BlackSoil real estate debt funds. Its funds provide structured financing to Indian businesses and property investments.

Northern Arc Investments manages Indian private credit funds and portfolio mandates. The Chennai business is the fund management subsidiary of Northern Arc Capital and invests in debt issued by financial institutions and operating companies.

Trifecta Capital is an Indian venture financing manager with a venture debt strategy serving growth companies. Its debt funds provide capital for working capital, expansion and acquisitions. The firm also offers growth equity and treasury services.

Vivriti Asset Management is a Chennai private credit investment manager focused on Indian mid-market businesses. It manages performing credit funds and co-investments. Its FY2025 annual report recorded more than ₹4,100 crore in AUM across nine active credit funds.