Vivriti Asset Management (VAM) on Tuesday announced that US-based impact investor and philanthropic organisation, Michael and Susan Dell Foundation has invested $3 million in VAM’s Samarth Bond Fund to support MSMEs and low-income households in India.
Launched in February 2020, VAM’s Samarth Bond Fund is India’s first Alternative Investment Fund (AIF) to be rated CRISIL AA+ (SO), for capital protection to investors.
The SEBI-registered category II AIF (Alternative Investment Fund) has a total corpus of ₹265 crore directly raised from marquee investors including banks, corporate treasuries, institutions and global impact foundations.
Sustainable goals
The fund has already deployed over $30 million towards financing the livelihood of over 25,000 women micro-entrepreneurs, business needs of over 2,000 MSMEs, and commuter vehicles for over 18,000 households in rural areas. Through this financing the fund aims to further seven of the 17 UN Sustainable Development Goals (SDGs).
“We are pleased to partner with Michael & Susan Dell Foundation, given our alignment with their core values of Impact, Scale and Sustainability. Samarth Bond Fund will invest in last-mile lenders that focus on extending capital to micro-entrepreneurs and low-income households to help unlock significant growth potential,” Vineet Sukumar, CEO and founder, Vivriti Asset Management, was quoted in a press release.
VAM, a subsidiary of Vivriti Capital Private Limited, is an asset manager regulated by SEBI and an alternative fixed income fund manager, pioneering the performing credit market in India.
“Over 60 million micro enterprises in India are a major source of employment in India. These enterprises come under a lot of pressure when lockdowns triggered by Covid-19 are imposed. Instruments like the Samarth Bond Fund can play an enabling role in extending credit to micro-enterprises, thereby enabling them to get back on their feet,” the release quoted Geeta Goel, Country Director, Michael & Susan Dell Foundation, India as saying.