• Plans to scale private credit AUM by 40% by FY27 from INR 4,500+ crore as of Dec’25, supported by the launch of Diversified Bond Fund-III in 2026
• Expects West Bengal and Odisha, comprising nearly 60,000 millionaire households, to contribute significantly to fresh commitments over the next 5 years
• Kolkata is expected to account for the bulk of total commitments from the Eastern region, being the 5th largest city in the country in terms of millionaire households (2025)
February 11, 2026 | Kolkata: Vivriti Asset Management (VAM), one of India’s leading mid-market private credit-focused asset management firms, expands its footprint in the East region and expects West Bengal and Odisha to make a meaningful contribution to its fresh commitments, as family offices and HNIs look for avenues to generate yields at lower than equity-market volatility, while diversifying their portfolios.
Vivriti AMC has completed full capital giveback of three funds under Vintage-I which launched in 2019-20, by 2024. It has distributed (P+I) over 73% of invested capital in Vintage-II funds, which launched in 2021.
As part of its Vintage-III, Vivriti’s Diversified Bond Fund Series II, a Category II debt AIF, is expected to reach final closure shortly with commitments of over INR 2,100 crore, following the exercise of its green-shoe option.
Vivriti Short Term Debt Fund, an open-ended Category III AIF launched in 2024, is among the first interval fund/semi-liquid private credit funds in the country. It offers immediate and full access to private credit opportunities for HNIs/UHNIs and corporate treasuries, along with structured liquidity. Till date, the fund has achieved investors’ commitments of over INR 600 crore.
Additionally, Vivriti AMC’s GIFT City fund, 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 (~INR 1,722 crore) from global investors and invested US$240 million (~INR 2,175 crore) in Indian securitised notes, since 2023.
In Vintage-IV, Vivriti AMC plans to launch Diversified Bond Fund-Series III in 2026 to continue to address the need for flexible debt among mid-market enterprises and to provide investors with stable and predictable returns.
Across its funds since inception, VAM has distributed c.INR 3,200 crore, exceeding target hurdles, underscoring Vivriti’s origination and deal structuring capabilities, disciplined investment approach, and strong 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 6 months, VAM has invested across roads, auto, media, steel, healthcare, warehousing, financial services, and aviation. Its investment pipeline spans diverse end-uses such as refinancing, stake consolidation, acquisitions, and growth capital, across sectors including pharmaceuticals, hospitality, steel, consumer goods, and specialty chemicals.
The asset class in India garnered a deal value of over US$15.5 billion (~INR 1.4 lakh crore) (India Private Credit: Deals & Rankings, FY 2025; Octus) in 2025, reflecting its mainstreaming in the financial ecosystem.
