Indian Money Manager EAAA Raises $510 Million for Private Credit

EAAA India Alternatives Ltd. raised 45 billion rupees ($510 million) for its first private credit fund that focuses on special situations such as business turnaround cases using money collected entirely from domestic investors.

The fund, which garnered cash from large family offices and wealthy individuals, aims to generate returns in the high teens, said Amit Agarwal, chief executive officer of EAAA, one of India’s largest alternative asset managers. Proceeds from the fundraising will be invested in high-yield debt across industries and used for acquisition financing and corporate recapitalizations too, he said in an interview last week. ...