Bowrington India Private Credit Fund (BIPC) is a Hong Kong-domiciled fund, regulated by Hong Kong’s SFC and its India investment license regulated by India’s SEBI for investments. Operating from Mumbai, Hong Kong, and Taiwan, our team focuses on directly structuring debt/credit investments (Non-Convertible Debentures and other credit instruments) with Indian companies. We develop such debt investments one-on-one with our investee companies.

We are a dedicated fund, deploying private credit capital to fuel the growth of Indian companies that meet our investment criteria. Leveraging our 80+ years of global investing expertise and a strong international network, we partner with company promoters to drive business value creation and enhance their competitive position.

BIPC is a fund manager, directly investing our fund’s capital and is accountable for investment performance and safety.

We are principals. We are not brokers, arrangers, or other intermediaries who facilitate deals for a fee.

BIPC is an investment fund, not a bank or a non-banking financial company (NBFC). 

We do not offer loans for short term working capital or revolving credit lines. Instead, we step in where banks find it challenging to lend due to regulatory limitations or other factors. We invest in debentures issued by Indian companies where investment terms are bilaterally agreed upon between the company and us prior to issuance.

India private credit is rapidly becoming a preferred funding source for ambitious companies seeking capital to fuel growth, or leverage government incentives like PLI schemes.

The U.S. private credit market has surged to over USD 1.5 trillion since 2000, outpacing commercial lending. India’s private credit market is also growing rapidly, estimated at USD 12-15 billion and growing at an impressive 30% annually, as estimated by EY.

Unlike PE funds, which demand equity and dilute promoter control, often imposing short-term pressures that can hinder long-term success and constrain management, we offer a superior approach that preserves long-term prospects of the company and provides management independence.

We provide flexible capital through negotiated debt (private placements) with interest payments, principal repayment terms, and performance-linked covenants. We finance growth without seeking equity, preserving promoter control and delivering comparable (to PE) growth benefits, with our investment secured by high-quality collateral (cash flows, equity pledge, personal guarantee).

We make private credit investments, such as buying debentures issued by Indian companies, or other onshore debt instruments allowed by the regulator, or offshore instruments in certain situations.

Our focus is on high-quality, performing, mid-sized Indian companies in sectors like manufacturing (auto, pharma, engineering, chemicals) and services (IT services, healthcare). We target businesses with strong balance sheets, clear growth trajectories, and exceptional management teams positioned for sustained value creation.

We provide medium-term (3-5 years) debt/credit capital for specific purposes, offering expertise and relationships to support investee growth. We prioritize downside protection, appropriate coupons, and repayment of principal.

We actively seek companies that:

• Generate USD 5 million or more in revenue
• Exhibit operating cash flow
• Demonstrate the financial strength and ability to service interest payments and repay debt from operating cash flow
• Show clear and quantifiable growth potential in their core business
• Are led by transparent and professional, enterprising promoters and management teams
• Operate in high-potential manufacturing and service sectors (with opportunities arising from government incentives, macro trends, demographic changes, or geo-political shifts)
• Are operating companies (Op-Cos) and preferably not standalone holding companies (Hold-Cos)

We will not invest in distressed assets, firms lacking a cash flow track record, startups, businesses outside our expertise (e.g., biotech), or companies with opaque or inconsistent financial statements. We also avoid infrastructure, real estate, financials and commodities sectors.

We typically deploy USD 5 million to USD 20 million per investment, with the potential to scale significantly – up to 2-4 times that size – for exceptional opportunities, sometimes in partnership with our co-investors.

Our investments strategically support:

• Growth capex funding
• Promoter financing / acquisition funding
• Facilitating exit opportunities for PE or other investors
• Execute one-time settlements with banks / balance sheet refinancing
• Special situations such as M&A or pivotal high-impact events

Private credit in India is rapidly growing as an “alternative finance” option, emerging as a preferred source of capital for these use cases.