Vivriti Asset Management has completed the lifecycle of three performing credit schemes under its Vintage II private credit funds, returning over ₹2,260 crore to investors within the stipulated fund life, the company announced on 8 October 2026. Across both vintages, the firm has now returned over ₹3,400 crore since inception.
The Vintage II funds had raised over ₹1,700 crore in commitments (final close September 2023) and deployed ₹3,500+ crore across 45+ portfolio companies. The moderate-risk scheme delivered a gross IRR of ~15% (net ~13%), while the conservative scheme returned ~12% gross (net ~10.5%) — solid outcomes in a credit market that has seen its share of stress.
Investors included insurance companies, AIFs, family offices and HNIs. Portfolio companies spanned infrastructure, clean energy, manufacturing, logistics, co-working, financial services and enterprise SaaS. Founder and MD Vineet Sukumar said the exits demonstrate the firm's underwriting discipline; overall, VAM has invested ₹12,500+ crore across 125+ companies since inception.
Clean full-cycle exits at double-digit IRRs are exactly what India's young private-credit industry needs to prove the asset class to domestic LPs.
Why it matters for founders
Private credit is quietly becoming the growth capital of choice for founders who want to scale without dilution. Vintage II's clean exit at 10–15% net IRRs will unlock more domestic LP capital into performing-credit funds — meaning more non-equity growth capital for profitable startups.
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