Ascertis Credit, the Singapore based private credit manager formerly known as BPEA Credit, has secured more than $700 million in commitments for its fourth fund, passing the $600 million raised for its predecessor, and continues fundraising toward a $1 billion target. The fund held a first close of about $520 million in November 2025, reported at the time as among the largest first closes for an Indian private credit fund.
The second close drew existing limited partners and new investors including insurance companies, pension funds, development finance institutions and family offices in India and overseas, the manager said. The International Finance Corporation has proposed an investment of up to $50 million in the fund. Ascertis said the fund has begun deploying capital, targets a portfolio of 35 to 40 companies, and aims for returns in the mid teens.
Ascertis invests in performing credit across Asia, with a focus on India, Singapore and Southeast Asia and excluding China. The manager told The Economic Times it has invested about $2 billion in portfolio companies over the twelve years since its inception. Fund IV’s progress past $700 million, while deployment conditions in Indian private credit have softened, marks continued allocator demand for the strategy rather than faster lending.