Ascertis Credit nears second close on fourth Asia private credit fund

⬤ Second close expected in 1Q26, overall target still USD 1bn
⬤ Focuses on performing credit, aims for mid- to high-teens returns
⬤ India remains priority market on back of strong fundamentals

Ascertis Credit, formerly BPEA Credit, expects to reach a second close on its fourth Asia focused private credit fund this quarter, according to Kanchan Jain, the firm’s founder and CEO.

The fund launched with a target of USD 1bn and Ascertis announced a first close of USD520m in November 2025. A final close should come by the end of 2026, Jain added.

LPs include institutional investors, family offices, and high net worth individuals. Jainsaid North American investors account for the largest share of the corpus to date. Asian LPs, including India-based institutions, are also represented.

Fund III closed on USD 475m in 2022. An extended fundraising process coincided withCOVID-19 and EQT’s merger with Baring Private Equity Asia, AVCJ previously reported. The latter development led to the spinout of BPEA Credit.

Ascertis focuses on performing credit solutions for high-growth businesses across India and Southeast Asia, generating low-volatility, attractive risk-adjusted returns, its website states.

The firm targets mid-market corporates with EBITDA of USD 10m to USD 100m, Jainexplained. Facilities tend to have maturities of three to five years, and the goal is todeliver mid- to high-teens IRRs in US dollar terms.

Discussing private credit opportunities in 2026, Jain said India remains a key focus for Ascertis. “We’re seeing robust growth across sectors such as manufacturing, industrials, and consumer goods,” she said.

Business services, warehousing and logistics, renewable energy, and financial services are also of interest. Acertis aims to build a portfolio that is both diversified and granular,Jain noted.

In Southeast Asia – and especially Singapore – the firm expects to concentrate serviceoriented companies. “We are looking into financial services, as well as trading andprocessing businesses,” Jain said.

Debt capital provided by Ascertis is used to support organic and inorganic growth. This may include capital expenditure, working capital, product expansion, and backward integration, as well as M&A, according to Jain.

Acertis was founded in 2011 and raised its debut fund Religare Enterprises. Baring Asiaabsorbed the team in 2016. The firm has raised five funds to date, investing more thanUSD 1.5bn across multiple sectors. It has offices in Singapore, Delhi, and Mumbai.