Debt asset manager, Vivriti Asset Management has announced an investment of Rs 60 crore (around $7.2 million) in GMR’s Goa airport through its performing credit fund. The proceeds were used to fund the last-mile capital expenditure for the airport.
Commenting about the investment, Mohamed Irfan, fund manager of Vivriti Asset Management, said: “For us, the theme of performing credit investing cuts across sectors. With the capital we manage, we are committed to investing in projects that have an impact on employment and growth of our country.”
This development comes shortly after The National Investment and Infrastructure Fund Ltd (NNIFL) also announced an investment of Rs 631 crore in GMR Goa airport, in the form of compulsory convertible debentures (CCD).
GGIAL, which is a special-purpose vehicle, was awarded the project to develop and operate a second airport in Goa in 2016 on a design-build-finance-operate-and-transfer (DBFOT) basis.
It is anticipated that India will need to contribute an average of $55 billion annually to urban infrastructure, and with the national and state governments funding more than 75% of the state’s infrastructure, the Indian government is putting an emphasis on developing infrastructure.
Vivriti Asset Management is a Chennai-based asset manager, focusing on mid-market performing credit. VAM manages mid-to-long-term alternative investment funds (AIFs) with global and domestic investors.
Launched in early 2020, VAM has raised commitments of over Rs 2000 crore across 7 funds and aims to hit $1 billion of Assets under Management (AUM) by March 2025. The Group has raised Rs 1400 crore of equity since inception.
It had announced its plans of raising $100 million from existing and new investors in November last year, which was reported exclusively by VCCircle.
Subsequently, in March 2022, it raised $55 million in capital led by Lightrock India and Chicago-based Creation Investments for its Series C round. following it up with an additional $30 million from TVS Shriram Growth Fund 3 as part of its Series C round in May 2022.