JM Financial Asset Management Ltd launched its second Credit Alternative Investment Fund, JM Financial Select Credit Fund II (SCF II), on Monday with a base size of ₹1,000 crore and an additional greenshoe option of ₹1,000 crore, taking the total potential corpus to ₹2,000 crore. According to reports from The Hindu BusinessLine, the fund is classified as a Category II AIF and will target performing credit opportunities in companies with stable cash flows and strong business fundamentals. The new fund is structured as a Category II Alternative Investment Fund (AIF) and will provide structured debt solutions to companies across multiple sectors, focusing strictly on mid-to-late-stage businesses displaying stable cash flows, robust operational fundamentals, and promoters with a credible track record.
The fund aims to provide structured credit solutions to businesses while delivering risk-adjusted returns to investors. As reported by The Hindu BusinessLine, the strategy will be led by Amit Dharod, Managing Director, Alternative Assets, who joined JM Financial Asset Management last year from Ascertis Credit (formerly BPEA Credit). Dharod brings over 25 years of experience across ICICI Bank, GE Capital Services India, and The Royal Bank of Scotland. The strategy is spearheaded by Dharod, who joined the firm last year from Ascertis Credit (formerly BPEA Credit), bringing more than 25 years of institutional experience from previous roles at ICICI Bank, GE Capital, and the Royal Bank of Scotland.
The launch comes against a backdrop of rapid growth in India's AIF industry, with total commitments reaching ₹15.74 lakh crore as of December 2025, according to SEBI data reported by The Hindu BusinessLine. Category II AIFs, which cover private credit strategies, account for ₹11.64 lakh crore of that figure — the largest share among all AIF categories. The fund will leverage JM Financial Group's presence across investment banking, capital markets, and credit to source deal flow, with the strategy optimized to leverage the broader JM Financial Group's existing ecosystem in investment banking, capital markets, and corporate credit.
JM Financial Asset Management currently manages mutual fund assets of ₹12,000 crore as of March 2026, as reported by The Hindu BusinessLine. Managing Director and CEO Amitabh Mohanty stated that the launch reflects the firm's commitment to building a diversified alternatives platform addressing evolving business financing needs. The launch comes amid a prolonged capital boom in India's private markets, driven by rising institutional and high-net-worth investor demand for yields uncorrelated to public equity markets.
