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Anicut Capital, the Chennai-headquartered investment firm, on Wednesday announced the final close of its third private credit fund—Grand Anicut Fund IV (GAF-IV)—at Rs 1,275 crore, surpassing its initial target of Rs 1,000 crore. According to a statement, the fund includes a GIFT City-based dollar feeder, enabling global investors to participate in India’s private credit opportunity. Anicut invests around Rs 80 crore per transaction, which spans across consumer, engineering services, SaaS, manufacturing, hospitality, and shipbuilding segments. Now, with the closure of the GAF-IV fund, assets under management for Anicut Capital stand at around Rs 4,500 crore across its debt and equity investments.
“We look for reliable promoters who have navigated cycles, reinvested cash flows back into the business, and built resilient operating systems that tend to stand out more than those optimising for short-term valuations,” said IAS Balamurugan, Co-founder and Managing Partner, Anicut Capital.
According to the firm, it continues to emphasise cashflow quality, corporate governance, and clearly defined exit pathways, while expanding its institutional underwriting framework across successive fund cycles.
About Anicut Capital
Anicut Capital has been co-founded in 2016 by Ashvin Chadha and I A S Balamurugan, with Chander Chadha Mohan also listed as a founder. Anicut Capital is a Chennai-based Indian alternative investment firm that acts as a full-spectrum investor across private credit and various stages of equity (seed, growth, late-stage) for businesses, focusing on cash flow-rich, resilient companies in sectors like consumer brands, tech, and healthcare.