Shri Dinesh Kumar Khara on India’s Private Credit Growth Journey at IVCA Private Credit Summit 2026

Mumbai, 9 July 2026: At Indian Venture and Alternate Capital Association (IVCA)  Private Credit Summit 2026 today, Shri Dinesh Kumar Khara, Chairperson, National Pension System (NPS) Trust, joined a fireside chat with Srini Sriniwasan, Managing Director, Kotak Alternate Asset Managers Limited and Chairperson, Indian Venture and Alternate Capital Association (IVCA). Titled “Allocating to India Private Credit – The LP Perspective”, the session focused on the outlook for institutional investment in India’s private credit market over the next decade, as well as how private credit could emerge as a core allocation within institutional portfolios.

Shri Khara highlighted the role of institutional capital in India’s private credit ecosystem and the need for a robust framework to support long-term participation in this asset class. He touched upon regulatory clarity, exit pathways, data transparency, and greater domestic participation as key enablers for this segment.

“India is today a USD 4 trillion economy. At this point in time, private credit accounts for nearly 6-7% of GDP, translating into an industry of around USD 25–30 billion. Looking at the way the ecosystem is evolving and the increasing availability of private credit, my expectation is that this industry has the potential to become a USD 100 billion Industry in the coming years. More importantly, the recent growth in this space reflects the significant opportunity that private credit presents in supporting India’s economic development,” said Shri Dinesh Kumar Khara, Chairperson, National Pension System (NPS) Trust. 

He also noted the importance of manager selection as the private credit landscape matures, emphasising investor confidence and a supportive ecosystem as essential for the growth and institutionalisation of this segment. 

“For long-term institutional investors, trust remains the cornerstone of any investment decision. That trust is built through responsible fund management, strong governance standards, disciplined underwriting and the consistent ability to deliver outcomes across market cycles. As the private credit ecosystem continues to mature, these factors will be instrumental in attracting greater domestic institutional participation. At NPS Trust, we are also working towards developing an appropriate framework to evaluate private credit opportunities so that this emerging asset class can be assessed with the same level of rigour expected of long-term retirement capital,” Shri Dinesh Kumar Khara added.

The IVCA Private Credit Summit is an industry platform that brings together leading domestic and global investors, private credit funds, banks, NBFCs, Asset Management Companies (AMCs), Asset Reconstruction Companies (ARCs), family offices, wealth managers, institutional investors, policymakers, regulators and industry practitioners to deliberate on the evolving landscape of private credit in India. The 2026 edition of the Summit is supported by 360 ONE as the Platinum Partner; Avendus, Certus Capital, EAAA Alternatives, NEO Alternative Asset Managers and Vivriti AMC as Gold Partners; and Khaitan & Co. and Sundaram Alternates as Strategic Partners. Through thought-provoking discussions and cross-sector collaboration, the Summit aims to strengthen India’s alternative credit ecosystem, encourage innovation in financing solutions and support the country’s long-term capital formation. 

About Shri Dinesh Kumar Khara:

Shri Dinesh Kumar Khara is the Chairperson of the National Pension System (NPS) Trust. He brings nearly four decades of experience in banking and financial services, with expertise across corporate banking, treasury, international banking, risk management, and financial markets.

Prior to joining the NPS Trust Board, Shri Khara served as Chairman of the State Bank of India (SBI) from October 2020 to August 2024. He also guided the boards of several SBI Group companies, including SBI Mutual Fund, SBI Life Insurance, SBI Cards, and SBI Capital Markets. He currently serves as Chairperson of the Securities and Exchange Board of India (SEBI)’s Corporate Bond and Securitisation Advisory Committee and is a member of the Insurance Advisory Committee of the Insurance Regulatory and Development Authority of India (IRDAI).

Shri Khara holds a master’s degree in Commerce from the Delhi School of Economics and an MBA from the Faculty of Management Studies, University of Delhi.

About Indian Venture and Alternate Capital Association (IVCA):

The Indian Venture and Alternate Capital Association (IVCA) is a not-for-profit, apex industry body promoting the alternate capital industry and fostering a vibrant investing ecosystem in India. IVCA is committed to supporting the ecosystem by facilitating advocacy discussions with the Government of India, policymakers, and regulators, resulting in the rise of entrepreneurial activity, innovation, and job creation in India and contributing towards the development of India as a leading fund management hub. IVCA represents 500+ funds with a combined AUM of over $350 billion. Our members are the most active domestic and global VCs, PEs, funds for infrastructure, real estate, credit funds, limited partners, investment companies, family offices, corporate VCs, and knowledge partners. These funds invest in emerging companies, venture growth, buyout, special situations, distressed assets, and credit and venture debt, among others.