Centrum-promoted alternative asset manager Modulus Alternatives has appointed Sandeep Agarwal as its , effective January 1, 2026. Agarwal joins from UBS AG, Mumbai, where he served as Chief Executive.
Agarwal brings 25 years of experience in investment banking and private credit across Credit Suisse, JP Morgan, Deutsche Bank, PwC and ICICI Securities. At Modulus, he will oversee fundraising, investments and operations while serving on the Board and Investment Committee.
The appointment comes as Modulus strengthens its position in India’s private credit market. The firm has deployed ₹2,996 crore across 26 transactions through its two funds, successfully exiting 17 deals and returning over ₹1,700 crore to investors.
Its maiden Centrum Credit Opportunities Fund delivered a gross IRR of 17 per cent upon complete exit in December 2024.
The second fund, India Credit Opportunities Fund II, recently closed with commitments exceeding INR 700 crore. Both funds have maintained zero delinquencies while delivering mid-teen returns, according to the company.
Jaspal Bindra, Executive Chairman of Centrum Group, said Agarwal’s experience would help accelerate growth and create value for investors and portfolio companies. Alok Agarwal, Equity Partner at Modulus, noted the appointment aligns with the firm’s strategy of building a diversified performing credit portfolio.
Established in 2018, Modulus Alternatives focuses on mid-market credit through senior-secured financing to businesses across chemicals, healthcare, pharmaceuticals, electric vehicle mobility and auto ancillaries sectors.