Private Credit:

Investor Exodus

Banks Shake Off Worries

Shorting Private Credit

Blankfein’s ‘Fire’ Risk Warning

Going Private Newsletter

Record India Private Credit Deal Hinges on Tricky Collateral

The headquarters of Shapoorji Pallonji Group in Mumbai on May 14. — The headquarters of Shapoorji Pallonji Group in Mumbai on May 14.Photographer: Dhiraj Singh/Bloomberg

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By Nic Querolo, Saikat Das, and Divya Patil

May 25, 2025 at 10:00 PM UTC

Updated on

May 26, 2025 at 2:29 AM UTC

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On the surface, India’s record-breaking private credit deal is a milestone for the market.