India’s 360 ONE Asset Management is planning to raise as much as $500m for its sixth private credit fund, according to Bloomberg, which cited people familiar with the matter.
The fund could be launched as early as June, the report said.
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It is expected to target wealthy individuals and family offices in India, along with overseas institutional investors.
The sources were not identified because the discussions are private.
360 ONE Asset did not immediately respond to an email from Private Banker International seeking comment.
The fundraising effort comes as the wider $1.8 trillion private credit market has slowed, amid concerns over loan quality and exposure to software borrowers that could be affected by advances in artificial intelligence.
India, however, has continued to see steady fundraising activity in the segment.
Last week, Lighthouse Canton launched a fund with a Rs12bn ($123.7m) target.
Earlier, in March, 360 ONE Asset closed its fifth fund at about $400m.
In April, InCred Alternative Investments closed its first special situations credit fund at Rs15bn.
According to the report, the new fund’s proceeds will be used to back mid-sized companies and special situations.
This includes acquisition financing, refinancing and stake buyouts from existing investors.
Company data showed that 360 ONE Asset’s alternatives business, spanning private credit, real estate and private equity strategies, rose 23% to Rs5.8 trillion ($60bn) at the end of the financial year 2026.
Bain Capital recently raised $10.5bn for Bain Capital Asia Fund VI, including $9.1bn from external investors.
The rest came from commitments by Bain Capital’s partners, employees and related entities. The firm said these together made up the fund’s largest single investor group. T
he fund closed above its initial $7bn target, according to a company statement.
