The capital exists in quantities that make India's requirement look modest. It is long-term, patient, and looking for real returns with low volatility. Against a global asset-owner pool measured in the hundreds of trillions, a US$100 billion Indian private credit market is a fraction of it — and against India's investment cycle, it is meaningful capital.
India has the borrowers, the credit gap, the ecosystem and — unusually among its peers — the regulated vehicle. A deep and broad mid-market. A structural gap defined by instrument type rather than by quantity. Ratings,bureaus, collateral records, valuation, trusteeship, custody and a materially strengthened insolvency framework. And in the Category II AIF, a closed ended, supervised, reporting vehicle that a foreign fiduciary can underwrite and explain to its board.
GARUDA is the latest brick in that structure. The opportunity now is to recognise what has been built, and to go after the flow it can carry.
