Kolkata, February 11, 2026: Vivriti Asset Management (VAM), one of India’s leading mid-market private credit-focused asset management firms, has outlined an ambitious expansion strategy for Eastern India while targeting a 40% growth in private credit AUM by FY27 from over ₹4,500 crore as of December 2025.
The growth push will be supported by the planned launch of Diversified Bond Fund – Series III in 2026, as the firm looks to deepen investor participation in private credit and meet rising demand for flexible debt capital among mid-market enterprises.
Eastern India emerges as a key growth market
Vivriti AMC expects West Bengal and Odisha to play a pivotal role in driving fresh commitments over the next five years, backed by a combined base of nearly 60,000 millionaire households.
Within the region, Kolkata is projected to contribute the bulk of commitments, ranking as the fifth-largest city in India by number of millionaire households (2025)—making it a strategic hub for family offices and high-net-worth investors seeking portfolio diversification and yield stability.
Strong fund performance and capital distribution
Vivriti has demonstrated consistent fund performance across vintages:
- Vintage-I (2019–20): Achieved full capital giveback by 2024
- Vintage-II (2021): Distributed over 73% of invested capital (principal + interest)
- Vintage-III: Diversified Bond Fund Series II (Category II AIF) nearing final closure with commitments exceeding ₹2,100 crore, including greenshoe option exercise
Across funds since inception, VAM has distributed approximately ₹3,200 crore, surpassing target hurdles and reinforcing its deal-origination strength, disciplined underwriting, and risk-management framework.
Expanding product innovation in private credit
Among its newer offerings:
- Vivriti Short Term Debt Fund (2024):
An open-ended Category III AIF and one of India’s early semi-liquid/interval private credit funds, enabling structured liquidity for HNIs, UHNIs, and corporate treasuries.
Commitments to date exceed ₹600 crore. - Vivriti India Retail Assets Fund (VIRAF), GIFT City:
A 10-year closed-ended Category III securitisation fund—India’s first of its kind—has raised US$190 million (~₹1,722 crore) and deployed US$240 million (~₹2,175 crore) in securitised notes since 2023.
Leadership perspective on private credit growth
Soumendra Ghosh, Chief Investment Officer, Vivriti Asset Management, said private credit is rapidly becoming a core pillar of India’s financial ecosystem, bridging funding gaps where traditional lenders face regulatory or risk constraints.
He noted that promoters increasingly seek tailored capital for growth, acquisitions, refinancing, and consolidation—needs well served by bilaterally structured private credit transactions that allow downside protection and active monitoring.
For investors, he added, pooled private credit vehicles offer attractive risk-adjusted returns with lower volatility than public equities, resonating strongly with domestic capital providers including family offices, insurers, and institutional investors.
Sectoral deployment and pipeline strength
Over the past six months, Vivriti has deployed capital across a wide sectoral spectrum including:
- Roads & infrastructure
- Automotive
- Media
- Steel
- Healthcare
- Warehousing
- Financial services
- Aviation
Its forward pipeline spans end-uses such as refinancing, acquisitions, stake consolidation, and growth capital across pharmaceuticals, hospitality, specialty chemicals, consumer goods, and metals.
Private credit gains mainstream traction
India’s private credit market continues to scale rapidly, recording deal value exceeding US$15.5 billion (~₹1.4 lakh crore) in 2025, according to industry data (Octus, FY25), reflecting the asset class’s growing institutional acceptance.
