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Vivriti AIF

PMS Rating

IME PMS Rating

4 of 5 stars

Highly recommended for investors looking to invest in high-yield risk-adjusted debt securities: The presence of CredAvenue as a key asset and differentiator makes Vivriti a leading AMC in debt AIFs. The unique insights it provides are extremely valuable for asset management to source, evaluate, do due diligence and monitor credit risk constantly. Along with that Vivriti's first loss protection across most strategies ensures investors better risk-adjusted returns.

The PMS/AIF AMC Rating is derived on the basis of our analysis on 5 key qualitative parameters that we use to analyse the quality of a PMS/AIF Provider. These include an assessment of the size of the AMC, the pedigree of the AMC, the pedigree of the team, the value of the investment philosophy & the level of differentiation. These insights of our central research team are documented in the IME RMS, and can be accessed during a consultation call with an IME PMS specialist.

PMS Background

Discretionary AUM (cr) | Promoter Category ()

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.

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.

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.

Inv Team

Investment Team

Soumendra Ghosh, CFA | 5-star rated FM

CIO | 20 yrs Experience | 7 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 | 4-star rated FM

Head of Credit | 13 yrs Experience | 3 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.

Mohamed Irfan | 3-star rated FM

Fund Manager | 12 yrs Experience | 2 yrs at current firm

Past Experience: Portfolio Manager and Analyst – Fixed Income (Aditya Birla SL Mutual Fund), Manager – Corp Economics Cell (Aditya Birla Group)

Irfan brings more than 8 years of experience. His experience spans across credit investing, finance, and strategy. He has successfully managed several high-yield exposures and is experienced in negotiating, structuring, and post-investment management of credit — he was a Portfolio Manager at ABSL Mutual Fund.

Siddharth Choudhary | 4-star rated FM

Fund Manager | 17 yrs Experience | 2 yrs at current firm

Past Experience: Associate Director – Financial Institution Group (IDFC Bank), Assistant VP (Yes Bank), Analyst (Nomura Securities), Senior Financial Analyst (Bank of America)

Sidddharth Choudhary comes with over 15 years of experience. He was Associate Director at IDFC Bank. Prior to which, he held positioned at Yes Bank as AVP, at Nomura Securities as Research Analyst and Bank of America as Senior Financial Analyst.

PMS/AIF Schemes

PMS & Listed Equity AIF Schemes

No items found

Returns as of 28-Feb-24.

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Note: PMS AMC & Scheme Reviews and Ratings are based on IME Capital’s Proprietary Review and Rating Methodology (read more here: AMC Rating & Scheme Ratings). These reflect the unbiased views of our central research team, based on our assessment of the investment value of these PMS/AIF strategies for our investors. We follow a highly stringent rating-criteria, where approximately 50% of PMS AMC’s & strategies would be rated 2-star or below (this is not meant to indicate that these funds are not investment-worthy, but that they do not currently fulfill the requirements we focus on for recommending funds to our investors — based on our internal views on the merit of the AMC/strategy relative to peers). Reviews & Ratings are primarily based on research of publicly available information (SEBI disclosures, PMS websites, PMS-aggregation platforms, webinar recording, media interviews etc.) and no explicit consent is required from AMCs for the same. While we endeavour to do further due-diligence via direct interactions with the investment teams of AMCs, this is typically restricted to AMC’s that meet our foundational fund selection criteria (reviews on lower-rated AMCs are often based solely on publicly available information). The views reflected in our Reviews & Ratings, are our independent views and may not be shared by the AMC’s and the investment teams. Please read detailed disclaimer for more.