The private credit market in India has gained popularity in recent years, says Ashish Khandelia, founder of Certus Capital, with significant growth following the IL&FS crisis in 2018. Foreign institutional investors initially filled the liquidity gap in the market, but domestic fund managers, family offices, and high-net-worth individuals have also become active participants in private credit investments. Over the last few years, the market has seen over $15 billion in private credit transactions, with real estate being a significant portion of it.

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