Alternative credit platform BlackSoil Asset Management has announced the final close of its second credit fund, BlackSoil India Credit Fund II (BICF II), at its target corpus of ₹500 crore ($52 million).
Demonstrating strong capital efficiency, the SEBI-registered Category II Alternative Investment Fund (AIF) has already deployed ₹750 crore ($79 million) across 40 companies. The total deployment represents 1.5 times the fund's base corpus, made possible by active capital recycling—reinvesting repayments and exit proceeds into fresh growth opportunities over the fund's life cycle.
Key Fund Highlights
Corpus & Drawdown: Reached its full target corpus of ₹500 crore with 100% drawdown of investor commitments since its launch in October 2023.
Exits Achieved: Completed 10 successful exits to date.
Investor Base: Backed primarily by family offices and High-Net-Worth Individuals (HNIs), with a significant majority of capital coming from repeat investors.
Sector Allocation Breakdown
BICF II provides performing credit to high-growth, sustainable businesses across mid-market and new-economy sectors:
| Sector | Fund Allocation (%) |
| Consumer & Internet (B2C & D2C) | 35% |
| Fintech & Financial Services | 25% |
| Mobility, IoT, SaaS & Deeptech | 25% |
| Healthcare & Healthtech | 15% |
Key Portfolio Investments
Notable companies financed under BICF II include:
Fintech & Enterprise: Mintoak, Progcap
EV & Mobility: Euler Motors
Consumer & Retail: Curefoods, Bluestone
AgriTech: AgroStar
"Achieving full drawdown of BICF II and deploying ₹750 crore through active capital rotation reflects the strength of our investment approach. Our vision extends beyond this fund to build a platform of focused, thematic credit funds that address specific market opportunities," stated Chirag Shah, Executive Director at BlackSoil Asset Management.