InCred Alternatives has successfully closed its inaugural special opportunities credit fund, raising a corpus of ₹1,500 crore (approximately $180 million USD). This move aligns with the increasing interest in India's private credit market, which is evolving differently from its Western counterparts. According to Saurabh Jhalaria, chief investment officer for private credit at InCred Alternatives, the market presents a significant supply gap and compelling risk-reward opportunities. The fund has already deployed 75% of its capital across various sectors, including auto, power, oil & gas, and hospitality, focusing on businesses with strong asset backing and established cash flows. InCred Alternatives, part of the InCred Group founded by Bhupinder Singh, has raised over ₹4,000 crore across its credit funds since its inception in 2022. The growing interest in private credit is evident as numerous domestic and global firms, including Blackstone Group and Bandhan AMC, are launching dedicated platforms to tap into this market. The National Investment and Infrastructure Fund (NIIF) is also making strides with a $2 billion initiative to attract global capital into private credit.