Alternative asset manager, Modulus Alternatives, has committed INR 150 crore to listed auto components maker Shivam Autotech through a combination of debt and equity, marking the first investment from its new private credit fund, said people in the know.
The investment will be from the funds managed by Modulus Alternatives including its second fund – India Credit Opportunities Fund II, which Modulus Alternatives launched earlier this year with a target corpus of INR 1,250 crore.
The fund has so far received capital commitments of more than INR 200 crore, sources said. Modulus Alternatives and Shivam Autotech did not respond to requests for comment.
The new fund will follow a similar investment strategy as Modulus’ first fund and will invest in mid-sized companies in the performing credit space through a diverse range of instruments and strategies.
As per a presentation to investors, the new fund is a category II AIF and will follow a sectoral investment pattern with preference towards consumption, healthcare, core economy, manufacturing and industrial companies.
Shivam Autotech Limited stands as a prominent figure among the major producers of transmission gears and shafts in India. Over the course of the last 24 years, the company has diligently served numerous automobile manufacturers.
