The file in question is the Microsoft Visual C++ Redistributable Runtimes bundled in a third-party, all-in-one "repack" as it's called. I guess it's necessary for running certain applications written in C++, although this should only be necessary for development.
What it does is automatically install the most current versions of whichever MSVC++ redistributables you need, at least the most current at the time the respective version of the repack was released. For instead of downloading the most current versions from Microsoft, it has everything included.
It's hosted on Github (
https://github.com/abbodi1406/vcredist). But it isn't open-source. It's a mostly closed-source *.exe binary blob that could contain just about anything without anyone knowing. There is no source code publicly available at all, so you don't know what actually happens behind the scenes without reverse-engineering the whole thing. That's right, someone actually creates binary blobs on their home machine and uploads these to Github. Granted, it's a kind of executable 7-Zip archive, but still, that isn't what Github is there for. Also, it's licensed under "I can't be fucking bothered to deal with license shit, go do with my shit whatever the fuck you want, I don't fucking care".
Even the Readme doesn't spit out what exactly this application does and how exactly it works. I'd assume that it can be deleted after running it and installing what you need because it's only a means of installation automation, but I'm not sure whether that's actually the case.
As it's a binary blob, you can't check its contents on Github itself. You have to download it onto your machine and unpack it for that. So anyone could fork the Github repository, download the binary blob, unpack it, spike it with malware such as the aforementioned Win.Adware, add the new files and replace the modified files in the original *.exe and re-upload it. Github won't notice what exactly happened. Nobody will notice unless they download the spiked binary blob. And then it could pretty well be too late already.
So my guess is that someone has done just that (there are 163 forks currently:
https://github.com/abbodi1406/vcredist/network/members). And that whoever slipped you the repack (Was it the DreamGrid installer? And why did it park it under C:\Users?) has downloaded it from the first place that popped up on Google without even knowing what Github (or Git or version management in general) is and how it works instead of looking up the actual maintainer.