Experts suggest that there are gaps in the debt market which such alternative funds can fill. : Alternative investment funds are eyeing the debt market. At least four alternative investment funds focused on the debt segment have applied for regulatory approvals since March, shows data from the Securities and Exchange Board of India. They include the InCred Capital Credit Fund Master Trust, BPEA Credit - India Fund III, KKR India Credit Trust and the JM Financial Yield Enhancer Distressed Opportunity Fund I. Incred's application was in March. All the rest came in April.