JM Financial Asset Management has officially marked the next phase of its alternatives expansion with the launch of its second private credit vehicle, the JM Financial Select Credit Fund II (SCF II).
The new fund is structured as a Category II Alternative Investment Fund (AIF). It features a base corpus of ₹1,000 crore, alongside a greenshoe option to raise an additional ₹1,000 crore, bringing the total target size to ₹2,000 crore.
SCF II will target performing credit opportunities by providing structured debt solutions to companies across multiple sectors. According to the firm, the investment strategy focuses strictly on mid-to-late-stage businesses displaying stable cash flows, robust operational fundamentals, and promoters with a credible track record. To optimize deal sourcing and underwriting, the fund plans to leverage the broader JM Financial Group’s existing ecosystem in investment banking, capital markets, and corporate credit.
The strategy is spearheaded by Amit Dharod, Managing Director of Alternative Assets at JM Financial Asset Management. Dharod, who joined the firm last year from Ascertis Credit (formerly BPEA Credit), brings more than 25 years of institutional experience from previous roles at ICICI Bank, GE Capital, and the Royal Bank of Scotland.
The launch comes amid a prolonged capital boom in India’s private markets. According to recent data from the Securities and Exchange Board of India (SEBI), total commitments in the domestic AIF industry climbed to ₹15.74 lakh crore as of December 2025, driven by rising institutional and high-net-worth investor demand for yields uncorrelated to public equity markets.
By: Sandhya Bharti
