1 week Ago By Bhupendra Paintola
The Neo Special Credit Opportunities Fund-II (NSCOF II) is targeting a total corpus of INR 5,000 Cr from high-net-worth individuals (HNIs) and multiple family offices. The fund is a SEBI-registered Category II AIF aimed at providing credit solutions to EBITDA-positive companies. Neo’s first private credit, Neo Special Credit Opportunities Fund-I, was closed at INR 2,575 Cr in June 2024 Fintech Neo Group’s asset management arm, Neo Asset Management, has marked the first close of its second flagship private credit fund at INR 2,000 Cr.
Launched three months ago, the Neo Special Credit Opportunities Fund-II (NSCOF II) is targeting a total corpus of INR 5,000 Cr from high-net-worth individuals (HNIs) and multiple family offices. The fund is a SEBI-registered Category II AIF aimed at providing credit solutions to EBITDA-positive companies. Meanwhile, the company claims that all the investments made under the fund are fully covered with at least 2-3 times hard asset collateral and bear regular coupons.
Neo Asset Management, cofounder and CIO Puneet Jain, said that with NSCOF II, the company aims to create a diversified portfolio with 25-30 investments, each ranging between INR 150-300 Cr. Neo’s first private credit, Neo Special Credit Opportunities Fund-I, was closed at INR 2,575 Cr in June 2024. It backed 23 investments while making seven exits over the past 18 months.
“NSCOF-II builds on the foundation of Neo’s first fund, with a continued focus on high-quality credit opportunities and disciplined capital deployment,” said Neo Asset Management’s MD Rubin Chheda. Founded by Nitin Jain and Hemant Daga in 2021, Neo Group is a wealth and asset management company. Its India-focused Alternative Asset Management arm, Neo Asset Management, claims to have managed more than INR 10,000 Cr of AUM.
Neo Group counts Peak XV Partners, MUFG Bank and Euclidean Capital among its backers. This comes at a time when the public listing market is slowing due to a slump in the stock market, creating opportunities for private credit investments. (The story will be updated soon.
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