Wood Apple Asset Management (WAAM) is an India-focused alternative investment manager specializing in structured credit solutions. We partner with high-quality businesses to deliver downside-protected investments that generate consistent mid-to-high-teen returns across market cycles.
Our
Strategy
WAAM manages a structured credit fund that provides bespoke, asset-backed and cash-flow-backed financing to fundamentally strong companies operating in sectors with durable demand and visible cash flows. Our approach is designed to prioritize capital preservation while delivering superior risk-adjusted returns.
We invest across the capital structure using instruments such as structured debt, mezzanine credit, preferred equity, and special situations, with a strong emphasis on collateral coverage, covenants, and downside protection.
Investment Philosophy
Our investment philosophy is anchored in three core principles:
Capital Preservation First
We structure every investment with a clear downside thesis. This includes strong security packages, conservative underwriting, multiple repayment protections, and alignment of incentives with promoters.
Structured for Asymmetry
We design transactions to cap downside risk while retaining upside participation through return enhancers such as warrants, equity kickers, step-ups, and performance-linked features.
Discipline Over Cycles
We remain valuation-aware and cycle-agnostic, deploying capital selectively in high quality companies.
What We Invest In
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Asset-backed and cash-flow-backed businesses
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Special situations and transitional capital needs
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Growth capital with structured downside protection
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Opportunistic credit in complex or under-served segments
Our Edge
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Deep structuring expertise in Indian credit markets
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Strong focus on legal, collateral, and enforcement frameworks
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Institutional underwriting and portfolio risk management
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Active monitoring and hands-on engagement with portfolio companies
Investor Focus
WAAM caters to institutional investors. family offices and HNIs seeking predictable income, capital protection, and diversification away from traditional equity and fixed income products.