Vivriti AIF
AIFIME's View on Vivriti AIF
AMC View
Vivriti AMC has scaled it's fund business to over 4000 cr of commitements, and has successfully raised 2 vintages of funds (with the first vintage completely divested as well). A combination of a strong team, focus on the performing credit space (relatively lower risk-reward than other high-yield AIFs) and strong pedigree of the group in the debt space (primarily linked to the CredAvenue platform), makes this an attractive AMC in the Debt AIF space.
AMC Pedigree
AMC's pedigree is driven by its CredAvenue platform. CredAvenue is a leading online debt marketplace in India connecting capital-starved companies and investors. With the initial focus on building the platform, the company has developed deep and unparalleled connections in the debt market ecosystem. With deep knowledge and up-to-date information on issuers and debt papers, CredAvenue is a key asset and differentiator for the asset management company providing unique insights. Both Vivriti & CredAvenue have been founded by Vivrti Capital (a A-rated NBFC with a 5000 cr+ AUM)
Team Pedigree
Soumendra Ghosh, CIO, comes with 15+ years of experience. He was previously a Director in Capital Markets Team at IFMR Capital where he structured and placed asset-backed securities, and complex structured credit across a wide range of investors. Supporting the CIO is a dedicated 15 member team. The investment committee also constitutes Vinit Sukumar, one of Vivitri's founders, Hemang Mehta, Group Chief Risk Officer, and Kalpesh Gada, an independent member with veto rights.
Investment Philosophy
Vivriti Asset Management is a credit-focused asset manager. The AMC focuses on delivering superior risk-adjusted returns through performing credit (A-BBB papers, which lie in between lower-risk debt MF's and higher-risk Debt AIFs). The investment philosophy across funds is focused on Business Cash Flow based invesmtents in mid-sized corporates, and it stays away from more aggressive special situation/asset sale/corporate event based financing. A large in-house deal sourcing team (spread across 9 local teams across geographies) helps identify attractive credit deals.
AMC Background
Vivriti Asset Management is part of the Vivriti Capital Group. Vivriti capital, as a parent, hosts 2 unique entities - Vivriti Asset Management managing the AIF strategies and CredAvenue, an exhaustive and one-of-its-kind digital infrastructure for debt markets in India. Vivriti Capital (parent co) is an NBFC with an 'A' rating from ICRA. CredAvenue is an online marketplace that provides enterprises and investors with detailed credit, analytics, and monitoring tools enabling seamless end-to-end deal origination. With 1800+ issuers and 500+ investors on the platform, it has enabled 85000+ Cr worth of deals. The entity, CredAvenue, is also backed by leading VC funds such as Sequoia, Lightspeed, and Lightrock among others. With the initial focus on building the platform, the company has developed deep and unparalleled connections in the debt market ecosystem. With deep knowledge and up to date information on issuers and debt papers, CredAvenue is a key asset and differentiator for the asset management company providing unique insights. Beneficiary of Leading Online Debt Marketplace in India CredAvenue is a leading online debt marketplace in India connecting capital-starved companies and investors. With over 85000+ Cr deals on the platform, the unique insights it provides are extremely valuable for the asset management to source, evaluate, do due diligence and monitor credit risk constantly.Investment Strategy
Vivriti Asset Management is a credit-focused asset manager.FOCUS ON PERFORMING CREDIT
The focus of the AMC through its strategies identifies superior risk-adjusted returns through performing credit (defined by Vivriti as corporates and securities rated between AA to BBB). This category offers superior yields to typical debt securities held by debt mutual funds while having substantially lower credit risk (average default rate of below 1.5% in this category) than the lower-rated papers typically in other high-yield AIFs. Focus on Performing Credit Vivriti's focus on performing credit (between AA an BBB) offers superior yields to a typical debt securities held by mutual funds with much lower credit risk.FIRST LOSS PROTECTION LIMITS DOWNSIDE TO INVESTORS
Vivriti across most of its strategies contribute to being the unitholders of 'Class B' (junior tranche). The sponsor (Vivriti) is the first to take on credit event risk up to a certain amount and the last to receive the interest income ensuring better risk-adjusted returns for investors. First-loss Protection Ensures Better Risk-Adjusted Returns Vivriti's contribution across its strategy to be the unitholders of the junior tranche ensures investors do not take a hit on their principal until a certain amount. It also acts as a signal of their commitment to the asset class and advantage of CredAvenue.Investment team
Soumendra Ghosh | 3-star rated FM
CIO | 21 yrs Experience | 8 yrs at current firm
Past Experience: Vivriti Capital (Founding Member), Norther Arc Capital - Structured Finance, HSBC - Corporate Finance, IFCI Group - Corporate Finance
Soumendra Ghogh, CFA comes with immense experience in credit markets across corporate finance to structured finance. He has 18 years of experience in investment, structured finance, and technology. Prior to taking up the CIO role, he was the founding member of Vivriti capital, which is the leading platform for mid-sized enterprises to raise debt.
Raghunath T | 2-star rated FM
Head of Credit | 15 yrs Experience | 5 yrs at current firm
Past Experience: Vivriti Capital (Deputy VP), ICRA (Assistant VP)
Raghunath T comes with 12 years of credit & research experience covering Indian corporates. He was earlier the Assistant VP at ICRA. Prior to joing Vivriti Asset Management, he was part of the Vivriti capital team for 2 years where he was headinf the corporate credit risk vertical.
