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Neo Asset Management announces fund II at Rs 2,000 Cr

EntrackrEntrackr · 3m ago
Neo Asset Management announces fund II at Rs 2,000 Cr
Medial

Neo Asset Management, a seasoned Alternative Asset Management firm in India, has announced the first close of its second flagship private credit fund - the Neo Special Credit Opportunities Fund-II (NSCOF II), at Rs 2,000 crore as on date including the first closing as filed with SEBI. Launched 3 months ago, the fund is targeting a total corpus of Rs 5,000 crore. The fund witnessed interest from Family Offices, Ultra High Net Worth Individuals (UHNIs) and Institutional Investors alike to make Neo’s journey an alternative investment platform focused on Private Credit and Real Assets. NSCOF-II is a SEBI-registered Category II AIF designed to provide bespoke credit solutions to EBITDA positive companies. As a strategy, all investments are fully covered with at least 2-3 times hard asset collateral and bear regular coupons. Neo Asset Management aims to adhere to its fund strategy and deliver returns. It looks forward to deploying capital efficiently in Fund-II. Its objective is to create a well-diversified portfolio with 25-30 investments, each ranging between Rs 150-300 crore. Neo’s first private credit, Neo Special Credit Opportunities Fund-I, closed in June 2024, raising Rs 2,575 crore. This fund has gross deployed 100% of its capital across 23 carefully curated diversified investments and have exited from 7 of these investments, over the past 18 months. The team has evaluated more than 450 investments in the last two years. Neo Group is a new-age wealth and asset management company, backed by Peak XV Partners, MUFG Bank, and Euclidean Capital and committed to building India’s leading Alternatives Asset Management platform. Neo Asset Management, the India-focused Alternative Asset Management arm of the Neo Group, manages more than Rs 10,000 crore of AUM, investing across various asset classes and delivering returns with stable cashflows.

Wealthtech firm Neo raises $48 Mn led by MUFG, Euclidean Capital

EntrackrEntrackr · 11m ago
Wealthtech firm Neo raises $48 Mn led by MUFG, Euclidean Capital
Medial

Wealth and asset management firm Neo has raised Rs 400 crore or $48 million in Series B round led by MUFG Bank and New York-based Euclidean Capital LLC. Existing investor Peak XV Partners also participated in this round. The funds will be used to expand Neo’s wealth management division and enhance support for its asset management business, the company said in a press release. With this, Neo has raised around 1,000 crore ($120 million) in equity capital including a $35 million round from Peak XV in October last year. Earlier this month, the company raised the first tranche of this round worth $26.5 million. As per startup data intelligence platform TheKredible, it was valued at around $231 million. Mumbai-based Neo provides advisory and yield-based investment solutions to high and ultra-high net worth individuals including indigenous family offices. Focusing in the areas of credit and real assets, the platform has also launched bespoke funds that provide capital solutions to companies providing risk adjusted returns for investors. Neo group claims that it manages nearly Rs 35,000 crore in wealth management assets and over Rs 6,000 crore in alternative asset management. The three-year-old firm reported a nine-fold growth in its revenue to Rs 65 crore in the fiscal year ending March 2023 (FY23). Significantly, it achieved such growth with a mere loss of Rs 3.6 crore during FY23. The company is yet to disclose its FY24 results. According to TheKredible, Peak VV was the largest external shareholder, holding 22.22% of the company. The company’s co-founders—Nitin Jain, Varun Bajpai, and Hemant Dogra—collectively held 63.81% prior to this funding round. More than half a dozen wealthtech startups have raised funds in the ongoing calendar year. Recently, Stable Money raised $15 million while Deserv raked in $32 million. Fisdom, Powder, Wealthy and Infynite Club also scored decent funding in the past year.

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