Certus Capital has raised an initial ₹75 crore for its newly launched real estate debt fund, with Tourism Finance Corporation of India (TFCI) joining as an anchor investor. The fund aims to invest in secured real estate debt opportunities as private credit gains traction in India.
Certus Capital, an alternative credit investment firm, has successfully reached the first close of its Certus TFCI Real Estate Fund. The firm secured an initial commitment of ₹75 crore to begin operations. This new fund is structured as a Category II Alternative Investment Fund (AIF), a type of investment vehicle regulated by the Securities and Exchange Board of India (SEBI) that typically pools funds from sophisticated or institutional investors.
The fund launch is backed by Tourism Finance Corporation of India (TFCI), which has come on board as an anchor investor. This commitment is part of a broader strategy by Certus Capital to deploy capital into secured debt instruments tied to real estate projects across India.
Business Growth and Track Record
Certus Capital has been expanding its presence in the private credit market. In the first half of 2026, the firm reported deploying over ₹1,000 crore across residential, commercial, and mixed-use real estate projects. Their deployment strategy has covered key urban markets including the National Capital Region (NCR), Hyderabad, Mumbai, and Chennai. One of the notable transactions during this period included a ₹275 crore investment in a residential project on the Dwarka Expressway in Gurugram.
Since its inception in 2018, the company has built a track record of committing more than ₹2,500 crore across over 20 secured debt transactions. The firm stated that it has completed eight successful exits, delivering a net internal rate of return (IRR) of approximately 15% to its investors. Beyond its direct lending operations, Certus Capital also manages a digital investment platform called Earnnest.me, which serves around 2,500 individual investors.
Important Context for Investors
For market participants, it is important to note that Certus Capital is a private, unlisted entity. The company does not trade on the National Stock Exchange (NSE) or the Bombay Stock Exchange (BSE), and therefore, no public share price or quarterly financial filing exists for retail investors to track.
Risks in Real Estate Debt
Investors in real estate debt funds should be aware of the inherent risks associated with this asset class. Real estate credit is sensitive to project execution timelines and the financial health of the developers involved. Delays in construction, regulatory hurdles, or a downturn in the property market can affect the ability of developers to repay their loans. While these funds are designed to be secured against assets, recovering capital in the event of a default can be a lengthy legal process. Furthermore, the performance of such funds is often linked to broader economic cycles, which can impact property demand and liquidity in the real estate sector.