Private credit has moved from a niche strategy into a mainstream fixture of global capital markets. Yet the numbers tell an interesting tale of contrast: private credit still accounts for less than 1% of India's GDP and just over 1% of corporate lending, roughly a tenth of the penetration seen in more mature markets. At the same time, global capital is flowing in at scale, and the nature of that capital is shifting, from a decade ago, when foreign investors gravitated toward distressed and special-situations credit, to today, where performing credit strategies are drawing the bulk of interest.
This session will trace that shift and what sits behind it. One thread is structural: where traditional bank and wholesale debt fall short for promoter-led, high-growth businesses — whether on structure, tenor, or timing — private credit is stepping in as a complement rather than a substitute, built around a closer read of cash flows and business fundamentals than regulated banking frameworks typically allow. A second thread is the changing character of global capital itself, as LPs move from opportunistic, distressed-focused bets on India toward sustained allocations to performing credit — a vote of confidence in the market's maturity. A third is the comparative lens: in more developed private markets, direct lending already accounts for over half of all activity, offering both a template and a set of open questions for how large India's market could realistically become, and what needs to fall into place to get there.
About the Speaker
Kanchan Jain is Co-head of Ascertis Credit Group, one of Asia's pioneering performing private credit platforms, where she oversees the firm's investment and non-investment functions. Over more than a decade, she has led the build-out of Ascertis into one of Asia's leading private credit managers focused on the fast-growing mid-market corporate sector, recently closing the first tranche of its fourth fund above $500 million, largely from global investors, as part of a $1 billion target. She brings over three decades of experience across corporate and structured finance, private credit, loan markets, and debt capital markets in Europe and Asia — including a decade in London as Managing Director at HSBC and earlier as Director at Barclays Capital's Structured Credit business.
The event will be held in a hybrid format; however, in-person attendance is strongly encouraged to participate in the discussion. Registration is mandatory.
