InCred Asset Management is the asset-management arm of the InCred Group, offering investment solutions across Portfolio Management Services (PMS), Alternative Investment Funds (AIFs), equity strategies, healthcare, credit, private equity, liquid strategies, multi-manager portfolios and angel investments.
The platform serves HNI, family-office and institutional investors through a range of public-market and private-market investment strategies. Its investment platform combines fundamental research, quantitative and qualitative analysis, valuation discipline and long-term investment thinking.
About InCred Asset Management
InCred Asset Management operates as part of the diversified InCred Group, founded by Bhupinder Singh in 2016.
The InCred Group operates across financial services, including lending, wealth management, asset management, investment banking and capital markets, equities research and broking.
InCred Asset Management focuses on investment management across multiple asset classes and strategies, with capabilities spanning:
- Long-only equity
- Multi-cap equity
- Healthcare
- Small and mid-cap equities
- Select opportunities
- Momentum strategies
- Liquid portfolios
- Multi-manager equity
- Private credit
- Structured credit
- Private equity
- Alternative investments
- Angel and startup investments
The asset-management platform is led by Samir Vora, CEO of InCred Asset Management, and Aditya Khemka, CIO of InCred Asset Management. The wider investment leadership includes professionals overseeing alternative credit, private equity and private-credit strategies. Pasted markdown
InCred Asset Management's Investment Philosophy
InCred Asset Management follows a structured investment philosophy built around identifying quality businesses, understanding fundamental drivers and applying valuation discipline.
The investment framework uses the "Great, Good and Bad" classification to assess businesses and investment opportunities.
Great Businesses
Great businesses are characterised by strong business models, sustainable competitive advantages, quality management, attractive growth opportunities and durable cash-flow characteristics.
The assessment focuses on the underlying economics of a business rather than relying only on short-term market movements.
Good Businesses
Good businesses can offer attractive investment opportunities when valuations, business fundamentals and future growth potential create an appropriate investment case.
The analysis considers both the quality of the underlying business and the price at which the investment opportunity is available.
Bad Businesses
Businesses with weak fundamentals, structural challenges, unsustainable economics or inadequate returns on capital are identified through the investment process.
The framework helps distinguish between businesses where temporary market weakness may create an opportunity and businesses where deterioration is structural.
Fundamental and Quantitative Analysis
InCred's investment process combines quantitative and qualitative analysis with bottom-up fundamental research.
Key areas of analysis include:
- Business quality
- Competitive position
- Management quality
- Earnings sustainability
- Cash-flow generation
- Growth potential
- Capital allocation
- Valuation
- Industry structure
- Risk factors
The investment philosophy is designed around long-term capital allocation rather than short-term market movements.
InCred's "Buy Fear and Sell Greed" Investment Approach
"Buy Fear and Sell Greed" is an important part of InCred's investment philosophy.
The approach focuses on maintaining discipline during different market cycles. Periods of market fear can create opportunities in fundamentally strong businesses when valuations become disconnected from underlying business fundamentals.
Similarly, periods of excessive optimism can result in valuations moving significantly ahead of business fundamentals.
The approach emphasises disciplined capital allocation, fundamental analysis and valuation awareness while avoiding emotionally driven investment decisions.
InCred Asset Management's Regulatory Structure
InCred's asset-management operations involve separate legal entities and investment structures covering PMS and AIF activities.
InCred Asset Management Private Limited is the asset-management company within the InCred Group.
InCred Alternative Investments Private Limited is a separate entity incorporated on 2 March 2022, with CIN U65990MH2022PTC377781. Its registered office is at Unit No. 1203, B Wing, The Capital, G Block, Plot C-70, Bandra Kurla Complex, Bandra East, Mumbai, Maharashtra – 400051. Pasted markdown
The PMS and AIF structures are separate investment frameworks, with individual products operating under their applicable regulatory and legal structures.
Investors should therefore distinguish between:
- InCred Asset Management as the asset-management platform
- InCred Asset Management Private Limited as the relevant corporate entity
- InCred Alternative Investments Private Limited as an AIF-related entity
- Individual PMS strategies
- Individual AIF trusts and schemes
- Individual investment products
InCred PMS and Equity Investment Strategies
InCred Asset Management offers a range of equity and PMS strategies covering different investment styles, sectors and portfolio structures.
Long-Only Equity Strategies
The long-only equity platform focuses on investing in listed businesses through fundamental research and long-term ownership.
The investment process considers business quality, earnings potential, valuation, management quality and industry dynamics.
InCred Focused Healthcare Equity
InCred Focused Healthcare Equity focuses on the healthcare sector and uses bottom-up fundamental research to identify investment opportunities.
InCred Healthcare Portfolio
InCred Healthcare Portfolio provides focused exposure to the healthcare investment theme through an actively managed portfolio.
InCred Multicap Portfolio
InCred Multicap Portfolio follows a multi-cap equity approach, providing flexibility to invest across companies of different market capitalisations.
InCred Small and Midcap Portfolio
InCred Small and Midcap Portfolio focuses on opportunities within the small- and mid-cap segments of the Indian equity market.
InCred Small and Midcap Portfolio NDPMS
InCred Small and Midcap Portfolio NDPMS provides a non-discretionary PMS structure for investors seeking exposure to the small- and mid-cap segment.
InCred Select Opportunities Portfolio
InCred Select Opportunities Portfolio focuses on selected equity opportunities identified through the investment process.
InCred Select Opportunities Portfolio NDPMS
InCred Select Opportunities Portfolio NDPMS provides a non-discretionary portfolio-management structure under the Select Opportunities strategy.
InCred India Ascend Portfolio
InCred India Ascend Portfolio provides investors with an actively managed Indian equity investment strategy.
InCred India Value and Growth Fund I
InCred India Value and Growth Fund I combines value and growth-oriented investment considerations within its equity investment framework.
InCred Vantage Portfolio
InCred Vantage Portfolio is another equity-focused investment strategy within the InCred investment platform.
InCred Liquid Portfolio
InCred Liquid Portfolio provides an investment strategy focused on liquid investment opportunities.
InCred Omni Alpha Multi-Manager Equity Portfolio
InCred Omni Alpha Multi-Manager Equity Portfolio follows a multi-manager equity structure combining investment capabilities across managers and strategies.
InCred AIF, Credit and Alternative Investment Strategies
InCred Asset Management's alternative-investment platform extends beyond listed equities into credit, private markets, private equity and startup investments.
InCred Alternative Investments Trust
InCred Alternative Investments Trust represents an alternative-investment structure within the InCred platform.
InCred Alternative Opportunities Trust
InCred Alternative Opportunities Trust provides access to alternative investment opportunities through its dedicated investment structure.
InCred Credit Opportunities Fund III
InCred Credit Opportunities Fund III focuses on credit opportunities within the alternative-investment platform.
The credit platform covers areas including private credit, structured credit and performing credit opportunities.
Private Credit
InCred's private-credit platform focuses on opportunities across structured and private lending markets.
The investment approach considers credit quality, underlying cash flows, security structures, downside protection and risk-adjusted investment characteristics.
Private Equity
InCred's private-equity platform focuses on investments in privately held businesses and growth opportunities.
Private-equity investing involves different liquidity, valuation and investment-horizon characteristics compared with listed-equity portfolios.
InCred Ventures India Angel Fund
InCred Ventures India Angel Fund provides exposure to startup and early-stage investment opportunities.
Angel and startup investments involve unlisted businesses and therefore have different risk, liquidity and valuation characteristics from listed-equity PMS strategies.
For an overview of alternative investment funds, investors can explore the dedicated ALTPORT section.
InCred Asset Management Fund Managers and Investment Team
Bhupinder Singh
Bhupinder Singh is the Founder and Group CEO of InCred.
He founded the InCred Group in 2016 and has more than two decades of experience in financial services. His previous experience includes leadership roles at Deutsche Bank across corporate finance, fixed income, equities and investment banking in the Asia-Pacific region.
Samir Vora
Samir Vora is the CEO of InCred Asset Management.
He has more than 25 years of experience across asset management, wealth management and investment advisory. He was previously Group CEO at Enam Asset Management and has also held leadership roles at Pi Square Investments and Bank of America.
Aditya Khemka
Aditya Khemka is the CIO of InCred Asset Management.
He has more than 16 years of experience in healthcare and investments, with experience across the US, Europe, Latin America and India.
His investment process focuses on bottom-up research and understanding the source and sustainability of business cash flows.
Saurabh Jhalaria
Saurabh Jhalaria is CIO, Alternative Credit Strategies.
He has more than 20 years of experience across credit and financing businesses in Asia. He has been part of the InCred Group since 2016 and previously worked at Deutsche Bank, where he led private financing and performing-credit businesses for India and Southeast Asia.
Vivek Singla
Vivek Singla is Managing Partner & CIO, Private Equity.
He is responsible for the private-equity investment platform within InCred.
Ankur Jain
Ankur Jain is Managing Director, Private Credit Strategies.
He is part of the investment-management team responsible for InCred's private-credit platform.
Gurpreet S Arora
Gurpreet S Arora is a Fund Manager at InCred Asset Management.
The investment team spans equity, healthcare, alternative credit, private credit, private equity and other investment strategies. Pasted markdown
InCred Funds and Investment Products
The InCred investment platform covers multiple categories of PMS, AIF and alternative investment products.
Equity & PMS
- InCred Focused Healthcare Equity
- InCred Healthcare Portfolio
- InCred India Ascend Portfolio
- InCred India Value and Growth Fund I
- InCred Multicap Portfolio
- InCred Small and Midcap Portfolio
- InCred Small and Midcap Portfolio NDPMS
- InCred Select Opportunities Portfolio
- InCred Select Opportunities Portfolio NDPMS
- InCred Vantage Portfolio
- InCred Liquid Portfolio
- InCred Omni Alpha Multi-Manager Equity Portfolio
AIF & Alternative Investments
- InCred Alternative Investments Trust
- InCred Alternative Opportunities Trust
- InCred Credit Opportunities Fund III
- InCred Ventures India Angel Fund
Explore InCred Investment Strategies Through ALTPORT
Investors can explore individual InCred PMS, AIF and alternative investment strategies through ALTPORT.
The platform provides access to product information, investment strategy details, fund-manager information and related resources.
Investors can also compare PMS, mutual funds and AIFs to understand the differences between these investment structures.
For understanding investment-performance measures, see XIRR, CAGR and TWRR.
Manage By : InCred Asset Management
