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About Us

TVS Alts is bringing the platform, experience and trust in the brand of TVS Capital Funds and to one of India’s fastest-growing asset classes.

Silhouettes of business people around a boardroom table

Seasoned
banking gritmeets a PE mindset.

TVS Alts has been established to run private credit strategies as part of the larger TVS Capital platform. We combine the 200+ years of collective banking experience of our leadership team with TVS Capital Funds’ experience in nimbly and ably navigating India’s private capital markets.

India’s private credit landscape is at an inflection point. Deal value surged 35% in 2025 to US$12.4 billion, and total assets under management are projected to double to US$50 billion by 2030.¹

We are uniquely positioned to capitalize on this growth. Since 2008, TVS Capital Funds has built institutional trust and a strong track record in India’s mid-market, developing deep relationships with businesses and promoters. Private credit is a natural evolution of this franchise, enabling us to provide holistic capital solutions to our network while offering investors a compelling new strategy from a proven partner.

¹ Sources: EY, Private Credit in India (H2 2025 Update); Moody’s Ratings.

Our Promise:Four commitments that drive our investment philosophy.

  1. Governed like a bank

    Managed by lenders who have run the book; an Investment Committee with experts from the world of banking and global financial institutions.

  2. Structured as a fund

    A close-ended Category II Alternative Investment Fund, with tax pass-through; an advantageous structure for investors.

  3. Run like a business

    Built around long-term relationships with borrowers and investors; built for sustainable long-term growth over short-term optimisation.

  4. Trusted like no other

    Backed by 100+ years of TVS brand equity and 18+ years of India-first investing through TVS Capital Funds, supporting growing Indian businesses.

Leadership Team

Our leadership and Investment Committee bring decades of experience across corporate banking, asset management, structured finance, development finance and fund management.

  • Shyam Srinivasan

    Shyam Srinivasan

    Executive Chairman

    With 14 years as MD & CEO of Federal Bank, Shyam Srinivasan grew a profit 8x and market cap 7x on a secured, small-business lending model, with one of the strongest asset-quality records in Indian banking. Business Standard Banker of the Year, 2020.

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  • Manish Makharia

    Manish Makharia

    Managing Partner

    With 30 years across investment banking, corporate finance, private equity, asset management and stressed-asset resolution, Manish brings an integrated view of origination, underwriting, structuring and resolution at TVS Alts.

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Investment Committee

  • Prasad Gopalan

    Prasad Gopalan

    Independent Director and IC Chairman

    26 years with IFC and the World Bank Group, including leadership of a global credit portfolio of about US$4.5 billion.

  • Ashutosh Khajuria

    Ashutosh Khajuria

    Independent Director

    Former Executive Director, CFO and Chief Credit Officer of Federal Bank, and former Treasurer of IDBI Bank, with 44 years across credit, treasury and risk.

  • Mani Krishna Iyer

    Mani Krishna Iyer

    Non-Executive Director

    Former Chief General Manager and Head of Treasury at SIDBI, with more than 500 SME debt transactions and 80 fund evaluations behind him.

A Century of Trust.Built on a lifetime of experience.

  • Led by experts

    Our leadership team comprises of former Bank MDs, AIF Heads, and CFOs with deep equity, debt, and M&A experience, who bring an insider’s view of credit risk.

  • Proprietary Sourcing

    We leverage our management team and TVS Capital’s decades-old networks to access promoters long before a company is forced to go to financial markets.

  • Credit Expertise

    Our transactions are structured and underwritten by a team with real experience in enforcing security and delivering recoveries.

  • Proven Platform

    We pair specialist lending experience with the 17-year infrastructure and sponsor capital of TVS Capital Funds to support growing Indian businesses.

Fundinformation.

Fund identity

Scheme
TVS Alternatives Performing Credit Fund I
Category
Category II AIF, close-ended trust
Manager
TVS Alternatives Private Limited
Sponsor
TVS Capital Funds, TVS Alternatives
Trustee
IDBI Trusteeship Services Limited
SEBI reg. no.
Application in Progress

Talk to the people making theinvestments.

Whether you are an investor exploring private credit or a company looking for capital, our team would be glad to hear from you.

Contact us
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