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  "docId": "019dd923-5e88-73ef-bd59-1a0428eeadf6",
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  "documentTitle": "ey ivca monthly pe vc roundup january 2023",
  "authorId": "MorganStanley",
  "authorName": "EY",
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      "kind": "callout",
      "text": "India offers a large structural opportunity for private credit investors.",
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      "text": "Globally, investors are diversifying their portfolios and seeking better returns by increasing capital allocations from traditional asset classes toward alternative asset classes. Private credit now accounts for about 12% of global private capital assets under management.\n2022 has emerged as the best year for PE/VC credit investments in India, recording US$3.2 billion. Credit investments in 2022 till date are ~5% higher than the previous high recorded in 2019.\nFour sectors—financial services, real estate, infrastructure and e-commerce, have accounted for almost 80% of all credit investments between 2017 and 2022 (Jan-Oct).\nAmid rising interest rates and valuations continuing to remain high, credit has emerged as a good opportunity for PE/VC investors to capture value with many companies looking to raise bridge funding as an alternative to raising equity at less-than-optimal valuation levels.\nIFC, Piramal, and KKR were among the largest credit investors from 2017 to 2022, investing over US$1 billion each. In addition, Varde Partners, Apollo, Ares SSG and Bain Capital Credit are also emerging as major players in the Indian credit markets.\nIn terms of number of deals, Trifecta, Blacksoil, IFC, Alteria and Innoven were the top players in the credit market.\nApollo's US$750 million investment in Mumbai Airport and Fidelity, Citadel Capital Management and Varde Partners' US$660 million investment in OYO were among the largest credit deals from 2017 to 2022.\nIndia offers a large structural opportunity for private credit investors. Post a spate of bad loans, traditional lenders have become risk averse while NBFCs are recovering from a liquidity crisis that engulfed them in 2018. This has left a void for private credit providers to capture.",
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      "text": "Investment volume: $3.2bn",
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      "text": "Spotlight: PE/VC credit investment deal trends",
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      "evidence": "The deck presents a before-and-after analysis of credit investment deal trends",
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      "objective": "Compare credit investment deal trends",
      "structure": "The Old Way (Pain) -> The Moment of Change -> The New Way (Glory) -> The Measurable Delta",
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