Mumbai: Vivriti Asset Management has completed raising ₹1,700 crore to invest in bonds and loans. The credit asset manager has promised investors returns ranging between 10% to 15%. The fund has deployed ₹1,400 crore across 40 companies across sectors such as airports, infrastructure, renewable energy, logistics, and managed office space companies.
Soumendra Ghosh, chief investment officer at Vivriti, said the fund has been investing towards capital expenditures and working capital requirements.
The fund has invested in companies like Mopa airport, Zaggle, and iSprout, focusing on businesses with an enterprise value above ₹250 crore. Assets in which the fund has invested fall within the ‘A’ to ‘BBB-‘ rating spectrum, with ticket sizes typically ranging from ₹25 crore to ₹100 crore. The fund does not do holding company financing, PE takeouts, or distressed financing. It gives last-mile funding and at times takes pari passu charge (equal seniority rights) as banks.
The fund invested in Zaggle, which recently launched its IPO, extendingsupport for product development, securing pari passu rights on all current and fixed assets alongside ICICI Bank. In the case of Mopa airport, Vivriti’s fund provided a three-year mezzanine funding solution, subordinated to bank loans.
