Performing private credit fund research profile
Vivriti Alpha Debt Fund – Enhanced is a close-ended Category II private-credit vehicle that uses structured debt and senior-tranche protections for high-growth companies and specialty lenders. ICRA's 2026 rationale and the manager's product page establish the exact fund and current deployment status, while issuer and fund documents identify Oxyzo Financial Services, Satya MicroCapital, MAS Financial Services, Thakur Fininvest, OFB Tech, A K Capital Finance, Ajanta Pharma and Shahi Exports as attributable debt relationships. Alpha and Enhanced references are bundled into one canonical fund-family record.
At a glance
Research profile
Open a section to inspect the evidence. The first view starts with the investment point of view; the rest stays quiet until you need it.
Investment lens
Vivriti Alpha Debt Fund (Enhanced bundled) uses a performing private credit; secured and structured debt for high-growth companies and specialty lenders approach across NBFCs, fintech, healthcare, industrials.
Current evidence
ICRA's 2026 rationale continues to identify Vivriti Alpha Debt Fund – Enhanced and reports approximately ₹231.25 crore of rated Class A outstanding exposure. Vivriti's product page says the fund completed final close in September 2023 and is currently deploying, while 2024–2025 issuer documents identify the fund in debt and commercial-paper transactions.
Strategy
Performing private credit; secured and structured debt for high-growth companies and specialty lenders
Sector focus
NBFCs, fintech, healthcare, industrials
AIF structure context
Indian private credit, venture-debt and special-situations funds are commonly structured as Category II AIFs. Verify the specific vehicle and registration before investing.
Current signal
ICRA's 2026 rationale continues to identify Vivriti Alpha Debt Fund – Enhanced and reports approximately ₹231.25 crore of rated Class A outstanding exposure. Vivriti's product page says the fund completed final close in September 2023 and is currently deploying, while 2024–2025 issuer documents identify the fund in debt and commercial-paper transactions.
Investor questions
Vivriti Alpha Debt Fund (Enhanced bundled) is covered in Rupeia's private credit research universe. The current public record describes the strategy as Performing private credit; secured and structured debt for high-growth companies and specialty lenders, with a sector focus of NBFCs, fintech, healthcare, industrials. The profile should be read with the linked source trail and Typical route: Category II AIF context.
The profile displays only company or asset names attributable to Vivriti Alpha Debt Fund (Enhanced bundled) in the reviewed public sources: Oxyzo Financial Services Private Limited; Satya MicroCapital Limited; MAS Financial Services Limited; Thakur Fininvest Private Limited; OFB Tech Private Limited; A K Capital Finance Limited; Ajanta Pharma Limited; Shahi Exports Private Limited. It does not represent a complete current portfolio unless the manager has published one.
ICRA reaffirmed or upgraded the Alpha Debt Fund – Enhanced senior-tranche opinion in 2026, and 2024–2025 issuer documents continue to identify the fund as a debt or commercial-paper holder. Fund-level realised IRR, DPI, loss history and complete repayments are not publicly disclosed. These signals are not a substitute for fund- and vintage-specific net performance, realised distributions and audited or administrator-supported reporting.
Public fund size: ICRA's 2026 rationale reports approximately ₹231.25 crore of rated Class A outstanding exposure; total fund corpus and final close amount are not publicly disclosed.. Public terms or access information: Close-ended Category II AIF with a reported 3.5-year tenor, senior-tranche credit enhancement and structured debt/MLD exposure. Full fees, carry, hurdle, concentration, recycling, extension and redemption terms are not publicly disclosed.. Current fees, minimum commitment and availability must be confirmed for the exact named vehicle in its fund documents.
The current source record names Vineet Sukumar (Founder & Managing Director); Soumendra Ghosh (Chief Investment Officer); Siddhartha Choudhury (Senior Investment Officer); Raghunath T (Head – Credit). Verify current roles, departures, attribution and key-person provisions before relying on the team history for a new commitment.
Review borrower concentration, security and seniority, cash versus accrued income, defaults, recoveries, fund leverage and liquidity. The current open diligence point is: The complete borrower schedule, total corpus, current NAV, fees, carry, hurdle, concentration limits, repayment history and audited vehicle-level returns are not publicly disclosed. The named companies are retained only where issuer or fund documents identify the Alpha Debt Fund or its direct debt exposure; other Vivriti funds and generic industry descriptions are not treated as portfolio companies..
2026-05-27: ICRA's 2026 rationale continues to identify Vivriti Alpha Debt Fund – Enhanced and reports approximately ₹231.25 crore of rated Class A outstanding exposure. Vivriti's product page says the fund completed final close in September 2023 and is currently deploying, while 2024–2025 issuer documents identify the fund in debt and commercial-paper transactions.
Next step
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