Deal flow jumped to $9 billion in the first half of the year, up 53% from the same period last year, according to Ernst & Young.
India’s DMI Alternatives raised $120 million for its inaugural private credit fund and hired former Ontario Municipal Employees Retirement System investor Harein Uppal to lead it.
The fund’s focus is to invest in sectors that benefit from long-term growth trends driving India’s economic expansion, including health care, technology and financial services, according to the firm. It will provide financing “tailored to Indian companies well-positioned for sustainable growth.”
Private credit activity is surging in India, with S&P Global describing the market as “coming of age” in a recent report, driven by lower borrowing costs, ample liquidity and strong demand. Deal flow jumped to $9 billion in the first half of the year, up 53 per cent from the same period last year, according to Ernst & Young.
“India’s corporate credit markets represent a significant opportunity to back high-quality companies that will shape the country’s future,” Uppal said. “Traditional banking and capital markets alone cannot meet the ambitions of today’s companies, which are looking for flexible capital solutions.”
The alternative asset manager is an affiliate of DMI Finance, which is backed by Japan’s Mitsubishi UFJ Financial Group and Sumitomo Mitsui Trust Bank Ltd.
Last August, MUFG bought around $330 million of stock in DMI Finance at a valuation of about $3 billion, and the company used the capital to boost lending to small- and medium-sized enterprises.
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Published on December 4, 2025
