Mavenark Marks First Close of Its Category II AIF as CEO Phanisekhar Ponangi Strengthens Focus on BFSI Credit and Growth Opportunities

The Mavenark Credit and Growth Fund Series I secures its first close with a hybrid strategy that allocates at least 51 percent to performing credit and up to 49 percent to equity opportunities across India’s BFSI sector, targeting a ₹300 crore corpus supported by HNI and Ultra HNI investors.

Mavenark Asset Managers has completed the first close of its Category II Alternative Investment Fund, the Mavenark Credit and Growth Fund Series I, marking an important step in the firm’s expansion within India’s private credit and growth capital landscape. The fund is structured as a hybrid vehicle, combining income-focused performing credit with selective equity exposure. It is designed for investors who prefer a stable return profile while also seeking long-term capital appreciation.

The fund is targeting a final corpus of ₹300 crore, with the final close anticipated within fifteen months. It is positioned exclusively for opportunities in the Banking, Financial Services and Insurance sector. In line with its mandate, at least 51 percent of the corpus will be deployed into performing credit, while up to 49 percent may be allocated to equity positions, including pre-IPO and listed equity transactions. This structure enables the fund to balance predictable yield strategies with participation in India’s rapidly expanding financial services market.

Phanisekhar Ponangi, Chief Executive Officer of Mavenark Asset Managers, remarked that the first close reflects investor confidence in the long-term prospects of the BFSI sector and in the firm’s disciplined approach to credit underwriting. He noted that the hybrid strategy is designed to help build resilient portfolios and support high-quality companies that require flexible, structured capital.
Mavenark’s leadership team brings over seventy years of combined experience across credit and equity investing. Mr. Ponangi himself has more than two decades of experience and is known for launching India’s first performing credit fund and a dedicated debt PMS. The current fund has attracted participation from a diverse group of HNI and Ultra HNI investors who are increasingly viewing private credit as a mainstream alternate asset class.

The fund seeks to benefit from the growing demand for structured capital solutions, particularly within financial services. With disciplined deployment and a focus on investor-aligned risk management, Mavenark aims to build a long-term track record across both public and private market strategies.
Mavenark Asset Managers is the investment arm of the Mavenark Group. The firm follows a philosophy rooted in capital preservation, thoughtful allocation and performance consistency. Its strategies span structured credit and emerging equity opportunities and are built to function effectively across market cycles.

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