Venture debt / Private credit · SEBI registry
India Credit Opportunities Trust
Debt / Venture debt · Private credit / Debt · Mumbai
At a glance
- Stage focus
- Debt / Venture debt
- Primary sector
- Private credit / Debt
- City
- Mumbai
- HQ / office
- Mumbai, Maharashtra (Centrum House, Kalina, Santacruz East, 400098)
- Fund registered
- 2022
- Investments on record
- 26
- Corpus (as reported)
- Fund I (Centrum Credit Opportunities Fund) invested ~Rs 1,790 cr across 15 deals, ~17% gross IRR; Fund II (ICOF II) target Rs 750 cr + Rs 500 cr green shoe; ~Rs 2,775 cr invested capital across all funds (Aug 2025); Fund III launched Nov 2025.
- Website
- modulusalternatives.co.in/
- Profile ↗
About
India Credit Opportunities Trust is the SEBI Cat II AIF vehicle (schemes: India Credit Opportunities Fund I/II/III) of Modulus Alternatives Investment Managers Ltd, formerly Centrum Alternatives — the private-credit arm linked to Jaspal Bindra's Centrum Group, led by Alok Agarwal (ex-CFO Reliance Industries). It is a mid-market performing-credit manager.
Investment focus
Private / performing credit — debt, mezzanine and hybrid instruments (collateralised, well-structured) to mid-market Indian corporates; targets ~15-16% IRR. Not startup VC.
SEBI registration
SEBI AIF Category II — reported as “Cat II”
- IN/AIF2/22-23/1220
- IN/AIF2/25-26/1973
SIDBI Fund of Funds
None found (no disclosed SIDBI/govt LP; LPs not publicly named; ICOF II awarded CARE AIF 1 grading)
Notable portfolio
Jana Small Finance Bank; Syska; Strides Pharma; NDR Warehousing; Zuari Agro Chemicals; Wockhardt; Jindal Power
Team & organisation
Senior team incl. CEO Sandeep Agarwal, COO and several investment professionals; exact headcount not disclosed
Modulus Alternatives Investment Managers Ltd (CIN U67200MH2019PLC319950, Centrum-backed) managing a trust-structured, multi-fund series of Category II AIFs (ICOF I/CCOF, II, III)
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Frequently asked
- What does India Credit Opportunities Trust invest in?
- Private / performing credit — debt, mezzanine and hybrid instruments (collateralised, well-structured) to mid-market Indian corporates; targets ~15-16% IRR. Not startup VC.
- How do I pitch India Credit Opportunities Trust through iHub India?
- Create a free startup account, open a funding round, and send a structured pitch from this profile. If the investor accepts, contact details are shared and the conversation moves into a tracked deal room.
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About this record
- ⚑ private credit / debt fund (NOT startup VC); rebrand — manager Centrum Alternatives renamed Modulus Alternatives (Fund I was 'Centrum Credit Opportunities Fund')
Compiled from SEBI registrations and public sources as of 2026-07. iHub India lists investors neutrally and does not endorse, rank, or verify investment terms — confirm all details directly with the investor before transacting.
Sources: https://modulusalternatives.co.in/; https://modulusalternatives.co.in/who-we-are/