NEO Raises ₹6,200 Crores Across Its Second Special Credit Opportunities Strategy, Surpassing ₹5,000 Crore Target

Neo Wealth and Asset Management announced that its alternative asset management business, Neo Alternative Asset Managers (NAAM), has successfully completed the final close of its second Special Credit Opportunities strategy, raising ₹6,200 Crore against an initial target of ₹5,000 Crore.

The fundraise marks a significant milestone for Neo's private credit business, reflecting investor confidence in the platform's investment capabilities, disciplined underwriting and approach to managing risk.

The strategy, which includes Neo Special Credit Opportunities Fund-II (NSCOF-II), a SEBI-registered Category II Alternative Investment Fund (AIF), focuses on providing structured and flexible financing solutions to established Indian businesses. These include acquisition financing, refinancing, growth capital and special situations where conventional lending structures may not adequately address business requirements.

The investment approach prioritises businesses with established operating cash flows and employs structured transactions, collateral-backed security and prudent leverage to manage downside risk while seeking regular income and attractive risk-adjusted returns. The strategy has attracted participation from leading family offices and institutional investors.

The final close builds on the progress of Neo's first private credit strategy, Neo Special Credit Opportunities Fund-I (NSCOF-I), which closed in June 2024 with ₹2,575 crore in commitments. Since inception, the strategy has recorded gross deployment exceeding 150% of its fund corpus, completed 35 investments and achieved 17 exits, demonstrating its ability to originate, structure and realise investments across market conditions.

Puneet Jain, Co-Founder & CIO, NAAM, said: “The strength of our investment framework lies in our disciplined approach to underwriting, thoughtful transaction structuring and focus on meaningful collateral cover. As we move forward with NSCOF-II, our priority is to deploy capital judiciously and build a well-diversified portfolio of approximately 35–40 investments, with individual deal sizes generally ranging from ₹150–500 crore. We remain focused on identifying compelling opportunities that align with our investment philosophy and deliver differentiated outcomes for our investors.”

Rubin Chheda, MD & Head – Special Situations Credit, NAAM, said: “NSCOF-II builds on the foundation of our first fund, with an unwavering focus on rigorous underwriting and downside protection. India’s mid-market special situations credit segment offers a large and underserved opportunity to finance businesses seeking capital beyond conventional lending channels. Our selective, collateral-backed approach enables us to pursue this opportunity while staying true to our underwriting standards.”

Commenting on the milestone, Hemant Daga, Co-Founder & CEO, NAAM, said:  "The significance of this fundraise goes beyond the capital raised - it reflects the growing acceptance of private credit as an important source of capital for Indian businesses, and the confidence investors have placed in our ability to manage that capital responsibly. India has a substantial opportunity for structured credit solutions that meet the evolving needs of established businesses. Our ambition is to build an enduring alternatives platform where investment discipline, sound judgment and alignment with investors remain fundamental to every decision we make. We are deeply grateful to our investors for the trust they continue to place in us."

The successful final closure reinforces Neo Alternative Asset Managers’ commitment to expanding its presence in private credit and real assets, delivering tailored financing solutions to businesses and differentiated investment opportunities to investors.  India’s private credit market continues to benefit from growing acceptance of alternative financing and demand for tailored capital solutions, creating opportunities for experienced managers combining rigorous credit assessment, bespoke structuring and strong downside protection.


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