The Kotak Special Situations Fund is structured as an Alternative Invest-ment Fund under Sebi regulations. It will be managed by the Alternate Asset Management AMC — KIAL and will be led by Eshwar Karra, former CEO of Phoenix ARC, who has significant experience in the stressed asset space.
Hamad Shahwan Aldhaheri, Executive Director of the private equities Department at the ADIA said: “Institutional investors can play an important role in building a successful secondary market for non-performing loans in India. With a broad mandate to invest across asset types and sectors, our new partnership with Kotak will contribute to this process and help to ease the burden of NPLs on the Indian financial system.”
Eshwar Karra, CEO of Kotak Special Situations Fund said: “We have a robust pipeline of transactions coming through the IBC process, and others from outside the process as structured financing for settlements. We believe there is a significant opportunity to provide bespoke financing in a range of situations.”