Private credit fund manager Vivriti Asset Management has launched its third series of fund raising with a total corpus of ₹2,000 crore, including a green shoe option of ₹500 crore and the first close with commitments of ₹250-300 crore is planned by the end of June, while the first deployment would be by early July, senior officials said.

“We have just launched the fund and we have seen strong interest from LPs, naturally…people whose capital we’ve returned, they want to come back and it’s a compounding business,” said Soumendra Ghosh, co-founder and CIO at Vivriti.

The full corpus is expected to be raised by the end of the calendar year and the green shoe portion in the last quarter of the fiscal year, he said. It is already working on a pipeline of investee companies in which the funds would be deployed.

Since its inception in 2019 Vivriti has raised a little over ₹3,000 crore, with the first vintage raise of ₹1,300 crore between 2019 and 2021, and the second vintage raise of ₹2,100 crore from 2021 to 2023, which is almost fully deployed.

The fund manager invests in mid-market performing credit companies with potential to deliver returns 15-16 per cent at the gross level. The investee companies have top lines ranging from ₹250 to 3000 crore, are profitable, well banked with stable cash flows, founder and CEO Vineet Sukumar told businessline.

In May the asset manager had announced the maturity and exit of its first private credit fund, Samarth Bond Fund, with a portfolio yield of 15.5 per cent.

The funds provided by Vivriti go into growing the investee company and not for a public offering or refinancing. “This has been our overall thesis in the funds we have run,” Sukumar said.

Vivriti Asset Management is part of Vivriti Group, which manages assets of $1.3 billion across its lending and asset management businesses.

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