Modulus Alternatives, an alternative asset manager specializing in private credit, announced the appointment of Sandeep Agarwal, former Chief Executive of UBS AG, Mumbai, as its new Chief Executive Officer (CEO).
Sandeep brings approximately 25 years of investment banking and private credit experience across leading global institutions, including Credit Suisse, JP Morgan, Deutsche Bank, PwC and ICICI Securities. His expertise spans equities and fixed-income markets across public and private domains, with deep exposure to sell-side advisory, underwriting and product leadership. His transactional track record includes IPO and QIP execution, the full credit deal lifecycle, from origination and structuring to underwriting and sell-down, as well as DCM origination, institutional financing and synthetic risk syndication. He is a rank-holding Chartered Accountant, Cost Accountant and Company Secretary.
In senior leadership roles spanning over a decade at Credit Suisse AG and UBS AG in Mumbai, Sandeep led private credit transactions, built and scaled product platforms, and strengthened institutional relationships. At Modulus, he will oversee fundraising, investments and operations, and serve on the Board and Investment Committee.
Alok Agarwal, Equity Partner, Modulus Alternatives, said, “Sandeep joins us at a pivotal time as private credit continues to expand as a core financing avenue for mid-market and emerging corporates. His extensive experience across credit structuring, complex transactions, and portfolio management aligns perfectly with our strategy of building a high-conviction, diversified performing credit portfolio.”
Jaspal Bindra, Executive Chairman, Centrum Group, said, “We are delighted to welcome Sandeep as CEO in our private credit business. His rich and vast experience and track record will help us accelerate growth and create value for both investors and portfolio companies. Modulus Alternatives has established itself well in the Indian private credit space, and I am confident that under his leadership, the team will achieve great milestones.”
Sandeep Agarwal, Chief Executive Officer, Modulus Alternatives, said, “It is an exciting time for private credit in India, as the asset class gains strong prominence driven by an evolving landscape, growing participation from institutional investors and family offices, and an increasing demand for innovative, bespoke financing solutions from emerging corporates. Modulus Alternatives has demonstrated a strong track record in the performing credit space, and I am excited to play a role in Modulus’s journey toward establishing itself as a prominent independent private credit platform.”
Modulus Alternatives, backed by the Centrum Group and Alok Agarwal (former CFO of Reliance Industries), has built a strong track record in India’s private credit space, consistently delivering mid-teen returns with zero delinquencies. Across its credit platform (Fund I and II), Modulus has deployed ₹2,996 crore across 26 transactions, successfully exiting 17 and cumulatively returning over ₹1,700 crore to investors.
Its maiden fund, Centrum Credit Opportunities Fund, achieved a gross IRR of 17%+ upon complete exit in December 2024. The second fund, India Credit Opportunities Fund II (Rated CARE – AIF1), recently announced its Final Close with commitments exceeding ₹700 crore, continuing its focus on performing private credit opportunities across India.
