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Private Markets Inf

Private Credit &
Structured
Finance.

Strategic intelligence across direct lending, mezzanine finance, distressed debt, real estate credit, infrastructure debt, and structured credit — for private credit funds, insurance asset managers, corporate borrowers, and investors navigating Asia's largest untapped corporate credit opportunity as bank disintermediation accelerates.

75+
Private credit engagements
13yr
Sector experience
10
Credit markets covered
$2.8B
Capital decisions supported
Coverage Areas

Every instrument in the
private credit universe.

01 · Direct Lending

Senior Secured Direct Lending

Corporate borrower demand for direct lending, bank vs non-bank credit preference, covenant structure benchmarking, and competitive landscape for direct lending funds targeting India's mid-market corporate segment where bank lending is structurally undersized.

Borrower demandCovenant benchmarkingBank vs non-bank
02 · Mezzanine & Junior Debt

Mezzanine, PIK & Subordinated Finance

Sponsor and corporate appetite for mezzanine capital, pricing dynamics, PIK vs cash-pay preference, and competitive intelligence for mezzanine funds targeting PE-backed companies requiring capital structure flexibility.

Mezzanine appetitePricing dynamicsPIK vs cash-pay
03 · Distressed & Special Situations

Distressed Debt & Credit Opportunities

Corporate distress landscape mapping, IBC resolution process intelligence, distressed asset pricing, and competitive landscape for distressed debt funds targeting India's NCLT pipeline.

Distress landscapeIBC intelligenceAsset pricing
04 · Real Estate Credit

Real Estate Debt & Construction Finance

Developer credit demand by asset class, construction finance gap mapping, real estate credit fund competitive benchmarking, and market sizing for real estate credit funds targeting India's developer credit market.

Developer credit demandConstruction finance gapRE credit competitive
05 · Infrastructure Debt

Infrastructure Debt & Project Finance

Infrastructure project debt financing gap, refinancing opportunity mapping, InvIT yield instrument demand, and competitive intelligence for infrastructure debt funds targeting India's large pipeline of operating infrastructure assets.

Project debt gapRefinancing mappingInvIT yield demand
06 · Structured Credit

CLOs, ABSs & Structured Products

ABS and securitisation market intelligence, CLO formation appetite among Indian credit managers, structured product investor demand, and competitive landscape for structured credit originators building India's deepening capital market.

ABS market intelCLO formationStructured demand

Questions we've answered for
private credit clients.

These are actual questions clients bring to us — answered multiple times, across multiple geographies.

What is the real corporate credit demand from Indian mid-market companies in the INR 50Cr to 500Cr revenue range — and what combination of pricing, documentation, and speed makes a manufacturer choose a direct lending fund over its existing bank consortium?
We are a global direct lending fund building an India portfolio. Which sectors offer the best credit quality adjusted returns, which have mature financial reporting for underwriting, and which should we categorically avoid regardless of the yield premium?
Our distressed debt fund has identified 12 NCLT cases that appear attractively priced. Tell us which 3 have genuinely recoverable enterprise value, which have promoter issues that will frustrate the IBC process, and which the market has correctly avoided.
We are an insurance company evaluating private credit allocation. Which strategies — direct lending, infrastructure debt, or real estate credit — best match our liability duration, regulatory capital treatment, and return requirements?
Who will own India's private credit market in 2028 — the global private credit giants building India platforms, domestic NBFCs developing fund structures, or family office aggregators building club deal credit platforms — and what manager position is still open?
Our real estate credit fund has INR 800Cr deployed across 15 developer relationships. Three developers are showing early stress signals. Tell us whether the problem is project cash flows, sector absorption slowdown, regulatory delays, or structural overleverage.
Private Credit Case Studies

Evidence of
decisions made better.

CR.01 · Direct Lending · India

INR 2,000Cr Direct Lending Fund: Market Assessment

Global private credit manager evaluating India direct lending strategy. NEO ran corporate borrower demand research across 60 mid-market CFOs, bank credit gap mapping, and competitive NBFC landscape benchmarking.

Fund strategy approved · 4 priority sectors identified
Read Case Study
CR.02 · Distressed Debt · India

NCLT Pipeline Intelligence: 12-Case Analysis

Distressed debt fund evaluating 12 NCLT cases across manufacturing, real estate, and hospitality. Enterprise value recovery, promoter cooperation, and IBC process timeline intelligence across each case.

3 cases recommended · 9 structurally challenged cases avoided
Read Case Study
CR.03 · RE Credit · India

Real Estate Credit Portfolio Stress Assessment

Family office RE credit fund commissioning early warning research on a 15-developer portfolio. Developer cash flow verification, absorption rate research, and regulatory delay impact.

3 stressed relationships identified · Workout strategy designed
Read Case Study
Private Credit Intelligence

Latest private credit
thinking.

Market Report

India's Private Credit Opportunity: Corporate Borrower Demand Research, Sector Credit Quality, and the Bank Disintermediation Creating the Market

March 2026
Strategy Brief

Direct Lending in India: What Mid-Market Borrowers Want from Non-Bank Lenders, and the Documentation and Speed Benchmarks That Determine Which Fund Wins the Mandate

February 2026
Due Diligence Note

Distressed Debt DD: IBC Process Intelligence, Enterprise Value Recovery, and the Promoter Cooperation Risk That Determines Whether an NCLT Case Becomes an Investment

December 2025
Private Credit Practice Leadership

The team behind
the intelligence.

VS
Partner & Private Credit Practice Lead
Vikram Singhvi

18 years in private credit and structured finance. Led 45+ credit strategy, portfolio intelligence, and distressed debt mandates across direct lending, mezzanine, and special situations in India, Southeast Asia, and the GCC.

DM
Director — Direct Lending & Real Estate Credit
Devika Mishra

13 years of borrower demand research, developer credit assessment, and private credit fund competitive benchmarking across India's mid-market corporate and real estate credit markets.

AJ
Director — Distressed & Structured Credit
Amit Jain

12 years in distressed debt and structured credit intelligence. Specialist in IBC process research, NCLT pipeline analysis, and ABS market sizing for distressed investors and structured credit originators.

A private credit decision
you need to get right.
Brief the Private Credit Practice →

Licensing Options

Select a License Type

Choose the access level that suits your organisation. All licences include the full report, methodology appendix, and structured data tables. Post-sale analyst support included.

US $4,550
Report accessible to 1 user only
No printing / editing rights
8 hours of post-sale assistance by Market Analyst
5% or 16 hours customisation
Get Access →
Suitable for individual researchers
US $8,450
Report accessible to unlimited users
Rights to print / edit
40 hours of post-sales assistance by Market Analyst
20% or 70 hours customisation
Direct access to Lead Analyst
Organisation-wide intranet / presentation rights
Get Access →
For enterprise-wide deployment

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