THEBUSINESSBYTES BUREAU

KOLKATA, FEBRUARY 11, 2026

Vivriti Asset Management (VAM), one of India’s leading mid-market private credit-focused asset managers, is targeting a 40 per cent growth in assets under management (AUM) by FY27 as it strengthens its presence across Eastern India. The firm expects West Bengal and Odisha to contribute meaningfully to fresh commitments, driven by rising interest among family offices and high-net-worth individuals (HNIs) seeking stable yields with lower volatility than public equities.

The expansion comes amid growing demand for alternative debt instruments as investors look to diversify portfolios while managing risk. Vivriti AMC has completed full capital giveback of three funds under Vintage-I, launched in 2019-20, by 2024. It has also distributed principal and interest (P+I) of over 73 per cent of invested capital in its Vintage-II funds, which were launched in 2021.

Under its Vintage-III strategy, Vivriti’s Diversified Bond Fund Series II, a Category II debt Alternative Investment Fund (AIF), is nearing final closure with commitments exceeding ₹2,100 crore, following the exercise of its green-shoe option. The firm’s Vivriti Short Term Debt Fund, an open-ended Category III AIF launched in 2024, has emerged as one of India’s first interval or semi-liquid private credit funds. The fund has secured investor commitments of over ₹600 crore to date.

In the offshore space, Vivriti AMC’s GIFT City-based Vivriti India Retail Assets Fund (VIRAF) — a 10-year Category III closed-ended fund and India’s first securitisation fund — has raised US$190 million (approximately ₹1,722 crore) from global investors and deployed US$240 million (around ₹2,175 crore) into Indian securitised notes since 2023.

Looking ahead, under Vintage-IV, the firm plans to launch Diversified Bond Fund-Series III in 2026 to address the growing need for flexible debt capital among mid-market enterprises and offer investors stable, predictable returns.

Across its funds since inception, VAM has distributed nearly ₹3,200 crore, exceeding target hurdles and underscoring its disciplined investment approach and risk management framework.

Soumendra Ghosh, Chief Investment Officer, Vivriti Asset Management, said: “Private credit is becoming a key pillar of India’s financial ecosystem, helping channel savings and surplus back to the economy. Demand for capital is driven by promoters and management teams seeking flexible and tailored capital solutions to fund growth, consolidation, or navigate complex business situations — needs that traditional financing channels such as banks or public bond markets are often unable or unwilling to address due to regulatory constraints or limited risk appetite.

To its investors, private credit offers an attractive risk-adjusted proposition. Bilaterally negotiated transactions allow for careful assessment, deal structuring to protect downside, and close post-transaction tracking. Doing this through a pooled vehicle with due care to portfolio construction has the potential to provide strong returns with significantly lower volatility than public equities. This has resonated strongly with domestic private capital providers such as family offices, HNIs, insurance companies and institutional investors looking to diversify portfolios while seeking risk-adjusted returns.”

Over the past six months, VAM has deployed capital across sectors including roads, auto, media, steel, healthcare, warehousing, financial services and aviation. Its current pipeline spans refinancing, acquisitions, stake consolidation and growth capital across pharmaceuticals, hospitality, consumer goods and specialty chemicals.

Private credit in India recorded deal value of over US$15.5 billion (around ₹1.4 lakh crore) in 2025, reflecting the asset class’s rapid mainstream adoption.