AIF is a private pooled vehicle that raises 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 of funds, including one based in GIFT City, expects the eastern region, especially West Bengal and Odisha, to contribute significantly to new commitments over the next five years.
“We expect a compound annual growth rate of 25 to 30 percent over the next five years as demand for specialty credits remains robust. Currently, VAM’s exposure to the AIF government bond market in Kolkata stands at 3 percent of total domestic fundraising,” said Chief Investment Officer Soumendra Ghosh.
“We aim to double this figure by the 2027 financial year,” he said.
According to the company, the size of the debt AIF market in Kolkata is currently worth Rs 15,000 crore, while the total debt AIF market in India is between Rs 2 lakh crore and Rs 2.25 lakh crore. The region includes nearly 60,000 millionaire households, with Kolkata expected to account for the bulk of the liabilities. Notably, as of 2025, Kolkata was the fifth largest city in the country in terms of millionaire households.
“Family offices and HNIs (High Net-worth Individuals) are looking for ways to generate returns with lower volatility than the stock market while diversifying their portfolios,” the official said.
As part of its growth strategy, VAM plans to launch the ‘Diversified Bond Fund-Series III’ under the Vintage-IV series in 2026 to address the need for flexible debt among mid-market companies. 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 company is currently nearing the final close of its ‘Diversified Bond Fund Series II’ (Vintage-III), a Category II debt AIF, with liabilities of over Rs 2,100 crore after the exercise of its greenshoe option.
VAM claimed that it has strong distribution capabilities, having completed the full capital returns of three funds under Vintage-I (launched in 2019-2020) by 2024. It has also distributed more than 63 percent of invested capital in Vintage-II funds.
“The asset class in India generated a transaction value of over $15.5 billion (approximately Rs 1.4 lakh crore) by 2025, reflecting its mainstreaming into the financial ecosystem,” the company said, citing a report.
“Demand for capital is driven by promoters and management teams seeking flexible and customized capital solutions… needs that traditional financing channels such as banks or public bond markets are often unable or unwilling to meet,” Ghosh said.
The 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) of Indian securitized notes since 2023. Over the past six months, the company has invested in sectors such as roads, automotive, media, steel, healthcare, warehousing and financial. services and aviation.
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