Kolkata, February 11 Vivriti Asset Management (VAM), a mid-market private credit-focused Alternative Investment Fund (AIF) management firm, said on Wednesday that it aims to grow at 25-30 per cent year-on-year for the next five years, driven by the massive potential in the niche debt market.
The company also plans to double its fundraising from the Kolkata market in FY27 as part of a strategic deepening of its presence in Eastern India, a senior official said.
An AIF is a privately pooled vehicle that collects capital from sophisticated investors to invest in non-traditional assets such as private equity, venture capital, and debt.
VAM, which manages nearly Rs 5,000 crore in funds, including one domiciled in GIFT City, expects the eastern region, particularly West Bengal and Odisha, to contribute significantly to fresh commitments over the next five years.
"We are looking at a 25-30 per cent compounded annual growth rate over the next five years, as specialized credit demand continues to remain robust. Currently, VAM's exposure in Kolkata's debt AIF market is 3 per cent of its total domestic fundraising," chief investment officer Soumendra Ghosh said.
"We aim to double this figure by the 2027 fiscal," he said.
According to the firm, the debt AIF market size in Kolkata is currently worth Rs 15,000 crore, while the overall debt AIF market in India stands between Rs 2 lakh crore and Rs 2.25 lakh crore.
The region comprises nearly 60,000 millionaire households, with Kolkata expected to account for the bulk of the commitments. Notably, Kolkata ranked as the fifth-largest city in the country in terms of millionaire households as of 2025.
"Family offices and HNIs (High Net-worth Individuals) are looking for avenues to generate yields with lower than equity-market volatility, while diversifying their portfolios," the official said.
As part of its growth strategy, VAM plans to launch the 'Diversified Bond Fund-Series III' in 2026 under its Vintage-IV series to address the need for flexible debt among mid-market enterprises. This will be a larger fund of Rs 3,000 crore with a greenshoe option of another Rs 2,000 crore.
He added that the firm is currently nearing the final closure of its 'Diversified Bond Fund Series II' (Vintage-III), a Category II debt AIF, with commitments of over Rs 2,100 crore following the exercise of its greenshoe option.
VAM claimed it has demonstrated strong distribution capabilities, having completed the full capital return of three funds under Vintage-I (launched in 2019-20) by 2024. It has also distributed over 63 per cent of invested capital in Vintage-II funds.
"The asset class in India garnered a deal value of over USD 15.5 billion (approximately Rs 1.4 lakh crore) in 2025, reflecting its mainstreaming in the financial ecosystem," the company noted, citing a report.
"Demand for capital is driven by promoters and management teams seeking flexible and tailored capital solutions... needs that traditional financing channels such as banks or public bond markets are often unable or unwilling to address," Ghosh said.
Its GIFT City fund, Vivriti India Retail Assets Fund (VIRAF), has raised USD 190 million (approximately Rs 1,722 crore) from global investors and deployed USD 240 million (approximately Rs 2,175 crore) in Indian securitised notes since 2023. Over the past six months, the firm has invested across sectors including roads, auto, media, steel, healthcare, warehousing, financial services, and aviation.