AMC View

We recognise Northern Arc’s strong institutional capabilities in credit origination, underwriting, and structuring, particularly across India’s financial inclusion ecosystem. Over the past 14 years, the platform has built durable sourcing advantages through deep originator relationships (300+ NBFC partnerships), proprietary field-level data, and disciplined credit selection. This is evidenced by six fully exited fund vintages (2015–2021) that delivered above-target returns with zero defaults. Based on this track record and execution strength, we recommend Northern Arc as a credible option in the private credit space

AMC Pedigree

Northern Arc Capital has built a credible credit platform with demonstrated underwriting and origination capabilities. Its asset management arm, Northern Arc Investments, has scaled to over 6,500 crore in AUM and brings a 10+ year AIF track record (since 2014). This is evidenced by six fully exited fund vintages (2015–2021) that delivered above-target returns with zero defaults

Team Pedigree

The fund management team does not carry deep senior-level institutional asset management pedigree, with the company seeming to be focusing more on the credit underwriting skills of the larger organisation (as compared to star fund managers). Bhavdeep Bhatt (CEO) brings over 25 years of experience across leading AMCs such as Kotak, ICICI Prudential, and Aditya Birla; however, his prior roles were primarily within sales & products rather than direct credit investing, and his tenure at Northern Arc spans approximately three years. The fund managers, Archana Rangarajan and Shubham Katiyar, each bring around nine years of experience, largely across transaction advisory roles (EY, Deloitte) and direct lending at Northern Arc Capital. While they demonstrate strong credit analytical capability, they have not previously operated as senior fiduciary decision-makers managing pooled capital across cycles. The Investment Committee comprises senior Northern Arc Capital executives with extensive credit market experience, but similarly without a prior independent fund management track record before the establishment of this platform.

Investment Philosophy

Northern Arc’s investment philosophy is rooted in its deep credit underwriting capabilities, built over years of operating as a credit platform through its lending and syndication businesses. Its ability to leverage proprietary data, conduct rigorous due diligence, and maintain active relationships with over 300 originator NBFCs across India strengthens its credit sourcing pipeline for the PMS and AIF platforms