Vivriti Asset Management has successfully completed and exited its Vintage II credit funds, returning over ₹2,260 crore in capital and income to investors. According to reports from The Economic Times, the funds comprised three performing credit schemes that operated within their stipulated fund life and met their objectives. The asset manager, which focuses on private credit management, has now returned more than ₹3,400 crore to investors through capital repayments and income distributions across two fund vintages over the past seven years. As reported by VAM, the lifecycle of these funds spanned periods of varying business climate, policy rates, liquidity, and geopolitical backdrop, demonstrating resilience across different market conditions.
Under its Vintage II strategies, VAM raised ₹1,700 crore in investor commitments and invested more than ₹3,500 crore across over 45 portfolio companies during the funds' lifetime. As reported by The Economic Times, the moderate scheme generated a gross internal rate of return (IRR) of around 15%, while the conservative scheme delivered a gross IRR of approximately 12%. Aggregated across all investors, returns net of fees and expenses stood at around 13% for the moderate scheme and 10.5% for the conservative scheme. According to VAM, the conservative scheme invests only in portfolio companies rated in the 'A' category, providing downside protection through appropriate security and diversification measures.
The investee companies operated across several sectors including infrastructure covering roads, ports, airports and digital infrastructure; clean energy; manufacturing, including fertilisers and electronic devices; and services such as logistics, co-working, financial services and enterprise software-as-a-service (SaaS). According to The Economic Times, the conservative scheme invests only in portfolio companies rated in the 'A' category, providing downside protection through appropriate security and diversification measures. As reported by VAM, the approach involved structuring transactions with strong cash flows and downside risk protection through appropriate security and sector diversification.
The fund's investment strategy focused on providing credit to businesses through structures backed by cash flows and security, as reported by VAM. The Vintage II investors included institutions such as insurance companies and alternative investment funds, as well as family offices and high-net-worth individuals. Vineet Sukumar, Founder and MD of Vivriti Asset Management, highlighted that private credit is increasingly addressing financing requirements that sit between conventional bank lending and equity capital. Soumendra Ghosh, Chief Investment Officer of Vivriti Asset Management, emphasized that the fund repayments demonstrated the role of credit in investor portfolios and the opportunity cost of not allocating to the asset class.
