Apollo Global Management is planning to double its assets under management in India to $4bn within three years, underlining the rapid growth of the country’s private credit market, according to sources cited by Bloomberg.

The firm, which currently manages $2bn in India largely through credit investments, is targeting sectors including infrastructure, financial services, industrials, and supply chain finance. Apollo has also been tapped by Indian companies to support overseas acquisitions and earlier this year led a $750m debt refinancing for Adani Group’s Mumbai airport.

Matthew Michelini, head of Apollo’s Asia-Pacific business, said: “India is a big opportunity for global private credit funds like us as traditional banks cannot fund the entire economic growth story.”

To meet growing demand, Apollo plans to double its India investment team to around 50 professionals, with a focus on credit and supply chain finance. The New York-based firm had $840bn of global assets under management at the end of June.

The move comes as traditional lenders and non-bank finance firms in India reduce lending under tighter regulation, creating opportunities for alternative capital providers. However, competition is heating up, with Cerberus Capital Management, Davidson Kempner, and Ares Management all ramping up their presence.

India’s $1tn infrastructure drive is also fuelling opportunities for private credit. Apollo has already backed firms such as JSW Cement and Hero FinCorp and views infrastructure as a key long-term growth sector.

Despite the boom, concerns over weaker lending standards persist, following past challenges faced by global players in India’s shadow-banking sector. Still, Michelini said policymakers should encourage more foreign capital into the system rather than restrict it.

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