Modulus Alternatives, an alternative asset manager, has invested Rs 150 crore in listed auto components manufacturer Shivam Autotech. This investment is the first from Modulus Alternatives’ new private credit fund, India Credit Opportunities Fund II, which was launched earlier this year with a target corpus of Rs 1,250 crore. The fund focuses on investing in mid-sized companies in the performing credit space through a diverse range of instruments and strategies. Shivam Autotech manufactures transmission gears and steering components for two-wheelers and four-wheelers, serving leading auto manufacturers. The investment will be utilized for both growth and working capital purposes. Since the Covid-19 pandemic shock, the automotive sector has witnessed a smart recovery, leading to increased private equity investments in the industry.