Governed like a bank. Structured as a fund. Run like a business. Trusted like no other.
TVS Alts is the private credit platform of TVS Capital Funds, launched in 2026. We provide structured credit solutions to mid-market companies across India.
Introducing TVS Alts:Private Credit for India’s SMEs
TVS Alts has been launched as the natural extension of TVS Capital Funds’ successful 18+ year journey supporting growing businesses in India – entirely with rupee capital. We are launching our first fund, the TVS Alternatives Performing Credit Fund I, which is a close-ended Category II Alternative Investment Fund, with a targeted corpus of ₹1000 crore. The fund will pursue a performing credit strategy, lending to growing, cash-generating businesses seeking customised, secured credit solutions.
Our management team and investment committee have 200+ years of collective experience across commercial banking, private equity, investment banking and recovery. That range shapes how we find companies, how we structure each deal and how we protect investor capital. Among us, we have relevant experience of every stage of the credit transaction.
₹1,000 Cr
Target Fund I size
200+ Years
Cum. credit experience of team
₹40–100 Cr
Average ticket size
- 2008
TVS Capital founded
“Designed for India” growth private equity platform established.
- Funds I-II
Fully exited
Two funds returned to investors across the first cycle.
- Funds III-IV
Scale & Recognition
~₹1,900 cr Growth Fund 3; ₹ 3,600 cr Growth Fund 4 graded CRISIL 1.
- 2026
TVS Alts founded
TVS Alternatives Performing Credit Fund I is TVS Capital Fund's 5th fund overall - and its first dedicated credit strategy.
The market opportunity:Private credit is now a mainstream asset class
India’s private credit market has grown rapidly, with annual deal value rising from US$5.3 billion in 2022 to US$12.4 billion in 2025, about 33% growth per year. The number of deals reached 166 in 2025, up 35% from the previous year. Demand is being driven by gaps in bank lending and the need to finance acquisitions, expansion, refinancing and other complex transactions.
The broader deal market also reached record activity in 2025, including 963 M&A deals, 1,506 private equity and venture capital deals, and 112 IPOs. Private credit has continued to grow even when other transaction volumes have slowed, suggesting a durable role in financing India’s deal economy.
Private Credit in India: At a Glance
$12.4 bn
Deal value in CY2025
166
Private credit deals in CY 2025, up from 77 in CY 2022
~33%
Annual growth in deal value, CY2022–CY2025
~$25 bn
Estimated assets under management, end of 2025
Built for the gapin mid-market credit.
Growing companies often need flexible, structured capital to expand, acquire, or refinance. Banks are unable to provide the solutions these companies need and most large funds see these transactions as too small for their balance sheets. Transactions over ₹100 crore form more than half of deals by number and 92% of deals by value1. We provide financing designed to bridge that gap.
Source: EY Private Credit in India (H2 2025)
Bank credit lines
Not available
TVS Alts
₹40–100 Cr
Large funds & institutions
Too bespoke
Investment Themes
Illustrative uses of capital – all towards creating growth and expansion.
Growth & capex financing
Funding expansion and last-mile capex for scaling, cash-generative businesses.
M&A & consolidation
Acquisition financing, tuck-ins and promoter funding, including buybacks.
Refinancing & liability management
Optimising cost of capital and maturity profile for rated borrowers.
Working capital bridges
Structured, time-bound financing for operating cash-flow needs.
Pre-IPO & structured equity-linked financing
Selective participation through equity or convertible instruments, with clearly defined caps.
In four decades of banking, I have seen good businesses held back not by their ambition but by the shape of the capital available to them.
TVS Alts exists to meet that need, with the discipline of a bank and the flexibility of a fund. Our first priority is to preserve our investors’ capital.
Shyam Srinivasan
Executive Chairman, TVS Alts
Former MD & CEO, Federal Bank | Business Standard Banker of the Year 2020
Our Partners.
We work with eligible investors looking for secured, contractual returns, and with companies looking for capital to fit their needs.
For investors
Secured, contractual income from mid-market credit.
Financial institutions, family offices, UHNIs, corporate treasuries and other eligible investors looking for secured, contractual income from a diversified, institutionally monitored pool of mid-market credit.
Get In TouchFor borrowers
Capital shaped around your plans.
Capital to support growth, acquisitions, refinancing or working capital. We tailor the financing structure, tenor and repayment shaped around your business needs and cash flows, with little or no equity dilution.
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Your Questions,answered.
What is a credit fund?
A credit fund is a Category II Alternative Investment Fund which raises capital from investors, and lends it to companies under an agreed structure. The fund returns investors’ capital with interest over the fund’s life – which is generally 5-7 years, depending on the fund’s documents.
What kind of companies do you invest in?
Growing, cash-generative mid-market companies with a credit profile of BBB to A–.
Are there sectors or situations you avoid?
We do not invest in distressed businesses, venture debt, core infrastructure or greenfield projects, securitised instruments, trading, and gems and jewellery businesses. We do not lend to sanctioned entities, wilful defaulters, or non-performing assets.
Who makes investment decisions?
Every investment is reviewed by our Investment Committee, which includes independent expert members with banking and lending backgrounds. The final decision is taken by the investment manager based on the recommendation of the Investment Committee.
I run a business. How do I reach you?
Share a brief overview of your company and requirement through our contact form. Our team will get back to you.
Talk to the people making theinvestments.
Whether you are an investor exploring private credit or a company looking for capital, our team would be glad to hear from you.
Contact us