Vivriti Asset Management Pvt. raised 17 billion rupees ($204 million) from its three private credit funds, joining a growing number of its Indian peers in tapping the booming market for direct lending.
(Bloomberg) — Vivriti Asset Management Pvt. raised 17 billion rupees ($204 million) from its three private credit funds, joining a growing number of its Indian peers in tapping the booming market for direct lending.
The Chennai-based manager has deployed 14 billion rupees in sectors including airports, clean energy, roads, financial services and logistics, Chief Investment Officer Soumendra Ghosh said in an interview. The funds, which lured more than 570 investors, are targeting a pre-tax, annual rupee return of 11% to 14%, he said.
Indian asset managers are following their global peers in stepping up direct lending to businesses struggling to raise funds amid high borrowing costs. The private debt market is also expanding in part because of rules that forbid local bank to disburse loans for mergers and acquisitions.
Founded in 2019, Vivriti Asset provides debt financing to domestic mid-sized firms that typically have revenues of 2.5 billion rupees to 50 billion rupees, Ghosh said. The three funds closed are Vivriti Wealth Optimizer Fund, Vivriti Emerging Corporate Bond Fund and Vivriti Alpha Debt Fund – Enhanced, he said, adding that the average ticket size is 400 million rupees to 500 million rupees.
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