15
Oct
India: An evolving landscape
Private credit investments in India have been on a robust upward trajectory with numerous big funds being raised compared to only few years ago. Given the stable domestic economic environment and strong international interest, this trend should continue even with an increased competition for deals. Out panel of regional industry experts share their thoughts on the opportunity set and the challenges ahead.
- What are the key drivers for the rise of credit strategies in India?
- How has the regulatory reform helped in the market growth?
- What sectors and strategies have the best opportunities?
- What is the outlook for the next 12 months?
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SpeakersSaurav Mishra Head of India and SEA, Asia Special Situations Barclays
Rahul Chawla Managing Director-Credit Strategy Multiples Alternate Asset Management
Aakash Desai CIO & Head of Private Credit strategy 360 ONE Alternates Asset Management
Parag Ranade Managing Director, Head of Loans and Private Credit Distribution, Asia Deutsche Bank
Vikas Upadhyaya Managing Director Cerberus Capital Management
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Saurav Mishra is responsible for private credit lending and Special Situations Trading business for Barclays across India, South East Asia and China. Prior to joining Barclays, he was the regional head of credit structuring for APAC in HSBC. He has worked earlier in Deutsche Bank, HDFC Bank and Tata Group and has spent around two and half decades in the finance industry. He is a Chartered Accountant and a CFA Charter holder. He has a keen interest in academics and has been a visiting faculty in business schools.
Rahul is an experienced professional with over twenty-five years of experience in investment banking and private credit.
Rahul joined Multiples in October 2024 to lead Multiples' new credit initiative. Prior to joining Multiples, Rahul was Heading Financing for Financial Sponsors in the APAC region at Deutsche Bank. He joined Deutsche Bank in 2014 from Credit Suisse (CS). In CS he was the Managing Director of their Investment Banking Division and Head of the Global Market Solutions.
Rahul brings the experience of leading origination, execution, and delivery across structured lending, equity derivatives, and debt capital market solutions closing financing solutions for upwards of USD 20 billion.
Rahul completed his BA in Economics from St. Stephens, Delhi in 1992, and his MBA from IIM, Kolkata in 1994.
Aakash Desai is the CIO & Head of Private Credit strategy at 360 ONE Alternates Asset Management. He manages an AUM of over $1.5Bn across private credit and various fixed income strategies and is responsible for identifying growth opportunities to augment scale in the business.
Having worked in Asian and European markets, Aakash brings over two decades of deep and diverse experience in Wholesale & Institutional Financial services and a high degree of specialisation in the areas of Corporate and Structured Finance, Syndication & Capital Markets across key global financial markets.
Prior to 360 ONE, Aakash was a part of the senior management and founding team of Clix Capital (ex-GE Capital). He joined Clix with overall balance sheet responsibility in his role as Head of Corporate and Structured Finance business & Treasurer. He was responsible for origination, credit structuring and risk management for the corporate credit business , in addition to managing all aspects of fund raising, ALM and risk management within the Clix Group Treasury.
Prior to Clix, Aakash was Managing Director and Regional Head- South Asia for Corporate Finance at Standard Chartered Bank (SCB) where he spent 4 years driving the Corporate Finance and Loan Syndication businesses for India and South Asian markets with a focus on the build out the INR financing franchise at SCB.
Prior to SCB, Aakash spent 13 years at ICICI Bank India and UK setting up various new businesses, products and revenue streams across India and offshore markets. In his last role at ICICI Bank as Head – Financial Institutions & Syndications Group, he was responsible for all domestic fund raising, debt capital markets financing and managing senior banking and investor relationships with all Indian financial institutions. From 2003-2009, Aakash worked at ICICI Bank UK responsible for structuring and underwriting functions within the M&A financing business and was responsible for conceptualizing, originating and building the emerging markets credit business for 6+ years.
Aakash was the Chairman of the India Chapter of the Asia Pacific Loans Market Association, which is responsible for enhancing depth and scope of loan markets in India and adopting global best practices.
Parag Ranade is a Managing Director and Head of Loans and Private Credit Distribution for Asia.
Parag leads a team that spans Singapore, Hong Kong, Taipei and South Korea and is responsible for the coverage of banks, asset managers and funds in the region.
Parag has more than 20 years of experience in APAC.
He joined Deutsche Bank in 2015 and has also previously worked with DBS, UBS and Barclays.
Parag is a Chartered Accountant from India and holds a Master’s in Business Administration from the Asian Institute of Management in the Philippines.
Mr. Upadhyaya is a Managing Director in Cerberus Capital Management’s India advisory office. He has 16 years of experience in a broad range of investing strategies in India, including private credit, special situations, distressed debt and private equity.
Prior to joining Cerberus in 2019, Mr. Upadhyaya was at Apollo Global Management’s India business (AION) for three years, where he pursued investments in high-yield and distressed credit as well as value-oriented buyouts. He previously worked at ADV Partners, an Asian private equity firm, and began his career in 2008 in the Special Situations Group at ICICI Bank.
Mr. Upadhyaya graduated from Delhi University with a Bachelor of Engineering and received an M.B.A. from the Indian Institute of Foreign Trade (IIFT Delhi).