根据Kotak Alternate Asset Managers Ltd.的说法，全球和国内投资者在未来两年内可能向印度的私募信贷市场投入高达50亿美元。该公司管理的资产规模超过220亿美元。
Global and domestic investors could invest as much as $5 billion into India’s private credit market over the next two years, according to Kotak Alternate Asset Managers Ltd., which manages over $22 billion in assets.
Kotak Alternate的董事总经理Srini Sriniwasan在周三Bloomberg New Economy Forum的边会接受采访时表示，这些潜在资金流入凸显了另类资本在印度日益增长的作用。由于银行对基础设施融资的意愿有限，且在向风险较高的借款人放贷时仍保持谨慎，私募信贷正发挥越来越重要的作用。
The potential inflows underscore the growing role of alternative capital in India, where banks have limited appetite for financing infrastructure and remain selective in lending to riskier borrowers, said Srini Sriniwasan, managing director of Kotak Alternate, in an interview on the sidelines of the Bloomberg New Economy Forum on Wednesday.
“私募信贷正通过创新结构在印度崛起，为这些机遇提供融资并供给增长资本，”他说。“债券市场较为薄弱，且高度倾向于评级较高的借款人，这进一步加大了对私募债务的需求。”
“Private credit is stepping up in India with innovative structures” financing these opportunities and providing growth capital, he said. A shallow bond market, heavily skewed toward higher-rated borrowers, is further increasing the need for private debt, Sriniwasan said.
Sriniwasan补充称，印度央行最近为稳定卢比所采取的举措可能吸引全球私募信贷基金，因为这些措施降低了货币波动，从而提升了投资者信心。
The Reserve Bank of India’s latest moves to stabilize the rupee could attract global private credit funds as the measures reduce currency volatility, thereby boosting investor confidence, Sriniwasan added.
印度央行上周末推出了一系列措施，包括设立特殊窗口以满足石油公司的美元需求，并宣布了一项新工具，要求银行在进行某些外汇交易时向央行存备现金。卢比本周已升值近2%。
India’s central bank over the weekend introduced measures including a special window to meet oil companies’ dollar demand and announced a new tool requiring banks to set aside cash with the authority for some foreign exchange transactions. The rupee has gained nearly 2% this week.
Sriniwasan表示，印度的私募信贷市场也因其融资结构与全球其他地区不同而相对免受全球忧虑的影响。咨询公司EY编制的数据显示，该行业在2025年较去年同期增长35%，达到124亿美元。
Sriniwasan said India’s private credit market is also insulated from global worries as the country’s market operates under financing structures different from the rest of the world. The sector expanded 35% to $12.4 billion in 2025 from a year earlier, according to data compiled by consulting firm EY.
全球私募信贷公司今年已限制投资者赎回，因为此类请求因对资产质量的担忧以及行业对易受人工智能冲击的软件公司的敞口而增加。
Global private credit firms have capped investor withdrawals this year after such requests rose on concerns about asset quality and the industry’s exposure to software companies that are vulnerable to disruption from artificial intelligence.
斯里尼瓦桑还表示，Kotak Alternate 正在为其首只国内房地产基金筹集高达 3 亿美元的资金，该基金时隔二十年首次发行，旨在利用卢比融资。
Separately, Sriniwasan said Kotak Alternate is raising as much as $300 million for its first domestic real estate fund in two decades to tap rupee financing.
该新基金将投资于办公楼、零售以及学生住宿等细分领域，并将资本投入股权和债务两类资产。6 月，Kotak Alternate 宣布其规模超过 10 亿美元的房地产基金最终完成募集，该基金得到阿布扎比投资局和韩国国家养老金服务机构的支持。
The new fund will invest across office, retail, and segments such as student housing, and put capital in both equity and debt asset classes. In June, Kotak Alternate announced the final close of its $1 billion-plus real estate fund backed by Abu Dhabi Investment Authority and Korea’s National Pension Service.
“公开市场回报有限，导致投资者对另类投资的需求增加，”斯里尼瓦桑表示。
“Limited returns from public markets have increased investor appetite for alternatives, Sriniwasan said.