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Vivriti AIF

IME Rating

IME PMS Rating

4 of 5 stars

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.

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.

 

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.

Investment Team

Soumendra Ghosh | 5-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 | 4-star rated FM

Head of Credit | 14 yrs Experience | 4 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.

PMS & Listed Equity AIF Schemes

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