December 24, 2025: Chennai-based investment firm Anicut Capital has officially closed its third private credit fund, Grand Anicut Fund IV (GAF-IV), at Rs 1,275 crore, exceeding its initial target of Rs 1,000 crore. The firm made the announcement on today, revealing that the fund includes a dollar feeder based in GIFT City, which allows global investors to tap into India’s private credit opportunities.
Anicut Capital typically invests Rs 80 crore per transaction, focusing on sectors such as consumer goods, engineering services, SaaS, manufacturing, hospitality, and shipbuilding. With the successful closure of GAF-IV, the firm’s assets under management now total Rs 4,500 crore, combining both its debt and equity investments.
Anicut Capital’s GAF-IV Fund Brings Total AUM to Rs 4,500 Crore
“We prioritize promoters with a history of navigating business cycles, reinvesting cash flows into their companies, and developing resilient operating models,” said IAS Balamurugan, Co-founder and Managing Partner of Anicut Capital. He emphasized the firm’s commitment to maintaining high cash flow quality, robust corporate governance, and clear exit strategies across its investments.
Anicut Capital currently manages six funds, split evenly between debt and equity. Its portfolio includes well-known brands such as Milky Mist, The Ayurveda Experience, Wow! Momo, Mistral, Blue Tokai, XYXX, ToneTag, GNRC Hospital, Neemans, and Agnikul.
Despite a decline in funding to Indian startups in 2025, the continued success of firms like Anicut Capital in raising funds signals a positive outlook for investment in India’s startup ecosystem in the coming year.
Since launching our first Private Credit Fund in 2016, the firm have steadily expanded its portfolio, adding equity investments through our Seed Fund in 2020 and successfully introducing Growth Equity and Late-stage Funds. Today, the firm claims to be one of India’s leading multi-asset investment managers, with over Rs 3,500 crore in assets under management across both debt and equity strategies.
