InCred Alternative Investments (‘InCred Alternatives’) has announced the successful first close of its maiden Private Equity fund, ‘InCred Growth Partners Fund – I’ (IGPF – I).

InCred Alternatives is a part of InCred Capital, the institutional, wealth and asset management arm of InCred Group (‘InCred’).

Launched late last year, IGPF-I has garnered capital commitments of over INR 330 Crore in the first close. The successful fundraising round saw support from large HNI/UHNI investors, leveraging the strong wealth network of InCred.

IGPF-I is targeting a final close of INR 500 Crore and is focused on investing in growth and late-stage companies across consumer, financial services, and enterprise/technology sectors with an average ticket size of INR 40-80 Crore.

The fund is led by Mr. Vivek Singla, Managing Partner & CIO – Private Equity, InCred Alternatives, who has nearly two decades of investment management experience in the private and the public equity markets.

Commenting on the first close, Vivek Singla said, “The successful first close of IGPF – I is a testament to our strong track record and the trust placed in us by our investors. It is also resonant of the confidence returning to the private equity space, with private market valuations being at realistic levels and a stark shift in the founders’ mindset from ‘growth at any cost’ to ‘profit after all costs.”

IGPF-I’s strategy aligns closely with InCred’s mission of supporting India’s vibrant private market ecosystem, which continues to witness robust growth, fueled by favorable demographics, increasing consumption, and a burgeoning entrepreneurial ecosystem.

Private equity is the third alternate strategy from InCred Alternatives, in addition to its private credit and hedge fund strategies.

With this round of fund raise in IGPF – I, InCred now has approximately INR 3,000 crores of total funds under supervision under various strategies, including alternatives and equities.