Private markets · Deal by deal
Private equity.Private credit.
Outside the fund
Alongside our Category III fund, we invest in private companies one transaction at a time, through equity and through secured, high-yield credit. The capital is our partners’ own, alongside a small circle of co-investors. There is no blind pool: every deal is chosen, structured and held on its own merits.
Two strategies
Deal by deal
Private equity
Equity capital for established Indian businesses with a durable edge.
- Ticket size
- ₹10 to 50 Cr
- Revenue
- At least ₹30 to 40 Cr
Deal by deal
Private credit
High-yield lending, always fully secured: real estate, assets, acquisitions and promoter finance.
- Ticket size
- ₹10 to 50 Cr
- Target yield
- 16% and above
01Strategy
Private equity
We invest in established Indian companies, one deal at a time, alongside the founders who built them.
What we look for
- 01
Distribution
Reach into customers, channels or geographies that took years to build.
- 02
Intellectual property
Technology, formulations, designs or know-how that are owned, not borrowed.
- 03
People
A founder and team whose judgement and relationships are the edge.
- 04
Something harder to name
Licences, a cost position, a brand or a network. If it is real and durable, we will look at it.
- Revenue
- At least ₹30 to 40 Cr
- Ticket size
- ₹10 to 50 Cr
- Approach
- Deal by deal, with partners and co-investors
Our partners’ own capital
Companies our partners back personally.
Laundry services
Thermal storage
Electric mobility
02Strategy
Private credit
High-yield lending, always fully secured, and priced so that we are content however a transaction ends.
What we fund
- 01
Real estate finance
Our preferred ground: land, projects and completed assets, where the security is tangible and its value can be checked independently.
- 02
Asset-backed lending
Funding for plant, equipment and other productive assets, secured on the assets themselves, so a business can grow without tying up its own capital.
- 03
Acquisition finance
Capital for promoters buying a business or a larger stake in their own, secured by a pledge of the promoter’s shareholding.
- 04
Promoter finance
Liquidity for promoters and holding companies against their shares and other collateral, without having to sell.
We underwrite to the collateral, not the promise. If the borrower repays, we earn our return. If they do not, the security covers us.
- Security
- Fully secured, every time
- Target yield
- 16% and above, from coupon and equity upside together
- Ticket size
- ₹10 to 50 Cr
- Preference
- Real estate
Our partners’ own capital
Companies our partners have financed personally.
Clean technology
Solar energy
One process for every deal
From first call to exit.
Sourcing
Deals reach us from founders, promoters, bankers and our own network, and through Pitch to us.
Diligence
We study the business, the people, the numbers and, for credit, the collateral, before we talk about price.
Structuring
Security, covenants and rights are written to protect the downside first.
Decision
Every deal is approved by our Investment Committee, on a written thesis.
Monitoring & exit
We stay close to the company and track each deal against its thesis until it is realised.
Private equity and private credit transactions are made deal by deal, outside Upsurge Opportunities Fund 1, and are not a scheme of any AIF. Target yields are targets, not promises. The companies shown on this page are personal investments of our partners, shown to illustrate their experience. They are not holdings of Upsurge Opportunities Fund 1 or of any Upsurge vehicle, and not an indication of future results. Logos belong to their owners. For information only. Not an offer or solicitation to invest.
Work with us
Bring us a deal.
For founders, promoters and advisors
Raising equity or secured credit?
Tell us about the business and the deal. We read every serious pitch, and reply when there is a fit.
Pitch to usFor everything else
Let’s talk.
A question about how we invest, or about the team? We’d welcome a conversation.
Start a conversation