Global Asset Managers & FPIs
Market intelligence, cross-border structuring advisory, and IFRS analytics for offshore investors entering India's structured credit market — global private credit funds, FPIs, and cross-border family offices.
Who this applies to.
Global private credit managers, sovereign wealth funds, DFIs, and cross-border family offices entering Indian structured credit face a distinctive challenge: a deep, specialist market without local analytical infrastructure. They operate under IFRS 9, need FEMA-compliant structures, and must navigate a regulatory framework with no direct analogue in home markets. DFIs — IFC, ADB, DEG, FMO — were early participants through bilateral ECBs and AIF investments, illuminating the specific barriers: unpredictable approval timelines, documentation misaligned with international standards, and limited secondary exit liquidity. Private credit managers entering behind them benefit from the pathfinding but must still build — or access — specialist local analytics.
The analytical challenges this client type faces.
India market intelligence
Credible, unbiased analysis of instrument mechanics, regulatory framework, originator quality, and market pricing. International research providers cover Indian equities and government bonds but not NBFC securitisation, ARC dynamics, or trade receivable finance.
Cross-border structuring
Simultaneous compliance with FEMA, RBI ECB, SEBI FPI, and home-country requirements. Structural errors carry compounding penalties, forced unwinding, and reputational exposure — upfront diligence is modest cost against the downside.
IFRS 9 reporting
SPPI classification, ECL calibrated to Indian credit environment, and fair value anchored to domestic observables. Reconciliation to Ind AS 109 is required when domestic counterparties report under a different framework.
Independent due diligence
Without existing relationships with Indian rating agencies, banks, or counsel, offshore investors face information asymmetry. Conflict-free independent analysis is the practical remedy — domestic originators and arrangers have strong incentives to present favourably.
Originator due diligence
Public-domain information on Indian originators is limited and not formatted for international investors. Diligence requires on-the-ground access to management, rating reports, RBI inspection findings, and market data — inefficient to assemble from offshore.
Ongoing portfolio monitoring and regulatory tracking
RBI, SEBI, and FEMA updates relevant to structured credit run at several per quarter. Without a dedicated local monitoring capability, offshore investors frequently discover material regulatory changes only after their portfolios are affected.
Our work for this client type.
Market entry advisory
Regulatory framework, instrument mechanics, participants, originator landscape, and pricing benchmarks — a phased engagement culminating in a transaction-ready framework. For first-time allocators, a written market overview report that grounds investment committee approval.
Cross-border structuring
Transaction design across FPI, ECB, GIFT City, and offshore feeder approaches — balancing FEMA compliance, WHT efficiency, hedging economics, and regulatory capital. Structuring anchored to a documented regulatory matrix.
IFRS reporting and fair value
IFRS 9 valuation memoranda for Indian structured credit — calibrated to Indian market observables, with Ind AS reconciliation where required. Usable by both the offshore investor and any Indian counterparty.
Benchmark analytics
Relative value positioning across the full market — spread vs. duration, credit quality, liquidity, and total return. Includes explicit comparison against best-available alternatives in the same risk category.
Originator due diligence
Independent assessment — financial, credit, and operational — formatted for institutional credit approval processes. Covers three years of financials, loan book performance, underwriting, data infrastructure, and servicer capability.
Regulatory monitoring and portfolio surveillance
Quarterly India Structured Credit Regulatory Update plus portfolio-level performance reports. Rapid-turnaround regulatory analysis of new structures — typically within five business days of receiving terms.
Markets we cover for this client type.
How we structure our work for Global Asset Managers.
Discuss how we can help.
Share the context of your mandate — we’ll respond within two business days.