Singapore’s RV Capital Raising Maiden India Private Credit Fund

By Beena Parma (6 July 2023) for VCCircle
Select paragraphs reproduced below with permission.

RV Capital Management, a Singapore-based hedge fund manager, has floated its maiden India performing private credit fund to tap into the mid-market corporate financing market in the country.

Founded in 2011, RV Capital manages assets under management of $1 billion (about Rs 8,200 crore) through its Asia macro fund and Asia credit fund focused on long/short investments in Asian interest rates, foreign exchange, and credit markets.

“Indian credit is in the goldilocks zone with NPAs (non-performing assets) at a decadal low, accompanied by strong GDP and credit growth. NBFCs (non-banking financial companies) are moving towards retail and even mutual funds are not focusing too much on the private credit category, and focusing more on high-grade assets, AAA bonds, etc.,” [Shyamal Karmakar, India CIO] said.

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RV Capital Becomes Signatory to UNPRI

We are delighted to announce that RV Capital has become a Signatory of the United Nations Principles for Responsible Investment (UNPRI) framework.

The UNPRI is the world’s leading proponent of responsible investing and a key resource for the development and implementation of Environmental, Social and Governance (ESG)-related policies by the asset management industry worldwide.  We are excited to leverage this important resource to further develop and improve the ESG policy framework under which we invest the capital entrusted to us by our investor partners.

If you would like further information on RV Capital’s ESG-related initiatives and policies, please reach out to our Investor Relations team:

Thomas Picard (Singapore)
+65 6426 7412

Darin Spilman (US/Canada)
+1 203 344 9303

Caroline de Courreges (London)
+44 203 488 9690

Millennium Boosts Hedge Fund RV Capital With Cash Investment

By Nishant Kumar (14-Oct-2020)
(Bloomberg) — RV Capital Management, a Singapore-based macro hedge fund, has won an investment from Izzy Englander’s Millennium Management.
The injection is expected to boost assets at RV Capital to about $1 billion, according to a person with knowledge of the matter. The firm will also stop taking new money, the person said, asking not to be identified because the information is private.
Founded by Ranodeb Roy, Morgan Stanley’s former Asia-Pacific head of fixed income, RV Capital will run the new money in a separately managed account that will mimic trades in its flagship hedge fund, the person said. That fund bets on interest rates, foreign exchange and credit markets in Asia.
It’s not clear how much Millennium will invest in RV Capital. The firm has grown its assets from around $700 million at the start of this year, with its flagship fund up 6.5% through August.
RV Capital’s co-founder Vickram Mangalgiri and a spokesman for New York-based Millennium declined to comment.
Roy becomes one of a small number of external portfolio managers to strike a deal to run money for Millennium, which has dozens of inhouse trading teams to invest its $45.4 billion in assets. Hedge funds often run money for their biggest investors in a separately managed account to offer them transparency and more control over their assets.
In 2014, money manager Feng Guo spun out of Millennium with a group of colleagues to set up Symmetry Investments with money from the firm. Four years later, former Hutchin Hill Capital trader Brian Mark returned to the hedge fund to run his own firm within Millennium called Junova Capital Management.
Roy founded RV Capital with Mangalgiri, a former adviser at Pacific Investment Management Co., in 2011.

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