JM Financial makes Rs.600-Cr first close for credit fund

Financial service firm JM Financial has hit the first close of its maiden credit fund, JM Credit Opportunities Fund – 1, raising over INR 600 crore in commitment from domestic high networth individuals (HNIs) and family offices. JM is looking to raise INR 1,500 crore for the final close of the fund, inclusive of co-investments. The group has invested 10% of the capital as sponsor commitment into the fund. The JM credit fund obtained Sebi approval in January 2023 and was launched in March 2023. The fund will be headed by Pranob Gupta.