EAAA real-assets FPAUM overtook private credit fee base

EAAA India Alternatives Limited’s real-assets fee-paying assets under management, or FPAUM, exceeded its private-credit FPAUM at June 30, 2026. Real Assets accounted for Rs 28,039.905 crore, or 57.67% of FPAUM, versus Rs 19,272.416 crore, or 39.64%, for Private Credit, although Private Credit remained larger by committed-capital assets under management, or AUM.

Why did EAAA’s real-assets FPAUM overtake private credit?

EAAA’s Real Assets vertical overtook Private Credit because its FPAUM expanded more rapidly from March 31, 2024 to June 30, 2026. FPAUM is the assets under management on which EAAA is entitled to earn management and advisory fees; the relevant fund documents can use committed capital, invested capital, net asset value, or gross block as the basis. At June 30, 2026, Real Assets led Private Credit by Rs 8,767.489 crore of FPAUM.

The position was the reverse at March 31, 2024, when Private Credit had Rs 15,983.187 crore of FPAUM, or 52.58% of the total, compared with Rs 14,379.742 crore, or 47.30%, for Real Assets. By June 30, 2026, Real Assets FPAUM had increased by Rs 13,660.163 crore, while Private Credit FPAUM had increased by Rs 3,289.229 crore. The change shifted Real Assets from a minority of the fee-paying base to its largest vertical.

EAAA’s total FPAUM was Rs 48,623.176 crore at June 30, 2026, against Rs 30,398.012 crore at March 31, 2024. The company reported a three-year FPAUM compound annual growth rate of 23.43% for the financial year ended March 31, 2026. The fee-base shift therefore reflects the relative expansion of the two verticals within a broader increase in the assets used for fee calculations.

How did Private Credit remain EAAA’s larger AUM business?

Private Credit remained EAAA’s larger AUM business because AUM and FPAUM measure different things. AUM is total commitments raised under active funds, including funds accepting capital, making new investments, or managing portfolio assets. At June 30, 2026, Private Credit AUM was Rs 53,716.664 crore, or 56.34% of total AUM, while Real Assets AUM was Rs 39,704.341 crore, or 41.64%.

The June 2026 figures show different relationships between committed capital and the fee-paying measure in each vertical. Private Credit’s Rs 53,716.664 crore of AUM was associated with Rs 19,272.416 crore of FPAUM, while Real Assets’ Rs 39,704.341 crore of AUM was associated with Rs 28,039.905 crore of FPAUM. The disclosure does not provide management and advisory fee revenue by vertical, so the data do not establish fee rates for either business.

Private Credit’s AUM remained larger even as Real Assets gained share during the year to June 30, 2026. Private Credit represented 64.44% of Rs 62,970.371 crore of total AUM at June 30, 2025, while Real Assets represented 32.36%. One year later, Private Credit’s share was 56.34% and Real Assets’ share was 41.64%, as Real Assets AUM increased by Rs 19,328.848 crore and Private Credit AUM increased by Rs 1,881.438 crore.

What activity supported EAAA’s real-assets fee-base shift?

EAAA’s fundraising and deployment in the three months ended June 30, 2026 were concentrated in Real Assets. Real Assets raised Rs 12,439.050 crore of fresh commitments, compared with Rs 7,545 crore for Private Credit. Real Assets therefore supplied 62.25% of the Rs 19,984.050 crore raised across the two verticals during the quarter.

Deployment was more heavily weighted to Real Assets in the same three-month period. Real Assets deployed Rs 13,345.062 crore, compared with Rs 740 crore through Private Credit, from a combined Rs 14,085.062 crore. This differed from the financial year ended March 31, 2026, when Private Credit deployment of Rs 4,260.550 crore exceeded Real Assets deployment of Rs 3,820.799 crore.

Real Assets managed 10 active funds, including two infrastructure investment trusts, or InvITs, at June 30, 2026. Its portfolio included 3.10 million square feet of office space, 4,586 lane kilometres of roads, 1,835 circuit kilometres of transmission lines and 1.73 gigawatts of solar assets. Private Credit managed 16 active funds, 190 investments, 140 complete exits and Rs 43,973 crore of realisations since inception.

What does the larger real-assets FPAUM mean for EAAA’s income?

The larger Real Assets FPAUM means that Real Assets accounted for the larger disclosed base on which management and advisory fees can be calculated at June 30, 2026. EAAA’s fees depend on each fund’s governing documents and can be charged on commitments, drawn capital, investments, net asset value or gross asset value. The shift will persist only if Real Assets retains a larger FPAUM under those fund-specific calculation methods.

EAAA reported management and advisory fees of Rs 166.576 crore for the three months ended June 30, 2026, up from Rs 132.509 crore for the three months ended June 30, 2025. However, the disclosed management and advisory fee yield, calculated as fees divided by average FPAUM, was 1.43% for the June 2026 quarter, compared with 1.48% a year earlier. Consolidated fees consequently increased while the reported aggregate fee yield declined.

Income is not limited to management and advisory fees. Variable Additional Return was Rs 108.953 crore in the three months ended June 30, 2026, up from Rs 58.298 crore a year earlier, and represented 32.41% of total income of Rs 336.130 crore. This income is recognised after at least three years from a fund’s initial close and only when performance reaches at least 1.25 times the relevant investor hurdle rate, subject to the fund’s distribution waterfall and EAAA’s accounting policy.

Conclusion

EAAA’s June 30, 2026 disclosure presents two different measures of platform scale. Real Assets held the larger fee-paying base, with Rs 28,039.905 crore of FPAUM against Private Credit’s Rs 19,272.416 crore, while Private Credit retained the larger committed-capital base, with Rs 53,716.664 crore of AUM. FPAUM is relevant to the contractual basis for management and advisory fees, whereas AUM captures total commitments under active funds.

The next reported evidence will be whether Real Assets continues to raise commitments and deploy capital at the June 2026 quarter’s levels of Rs 12,439.050 crore and Rs 13,345.062 crore, respectively. EAAA has also launched the India Energy Transition Fund, which is intended to invest in renewable energy, energy efficiency, transmission, electric vehicles and circular-economy projects; subsequent disclosures will show how that plan affects AUM and FPAUM.