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In November 2013, Samena Capital launched a Singapore domiciled fund Samena India Credit Fund with US$ 45mn of anchor capital from Samena Capital’s balance sheet and its partners and established a local credit team based out of Mumbai to advise this Fund. By 2016, the Fund’s private credit book delivered superior returns and strengthened the belief in expanding this strategy further.

Regulatory developments in form of Alternative Investment Fund (AIF) rules (licensed vehicles to access capital from both onshore and offshore investors) to drive alternative onshore financing, new bankruptcy code with stronger creditor rights provided the tailwinds for Samena Capital to expand the private credit strategy further and access onshore capital.

Samena Capital decided to merge its India credit business with Catalyst, a strong local credit team managing a SEBI-registered AIF Category 2 Fund and launched a 5 year close ended SC Credit Fund in 2H 2017, with US$25mn of anchor capital and achieved its first close at ~US$50mm in December 2017 raising capital from both onshore and offshore investors.