Vivriti Alpha Debt Fund
Vivriti AIF | Debt | | AIFIME's View on Vivriti Alpha Debt Fund
Strategy
Invest in superior risk-adjusted credit in performing credit A-rated corporates
Investment Fund
Vivriti Alpha Debt Fund is an attractive investment opportunity, for investors seeking to earn higher post-tax yields than that offered by debt mutual funds without taking on a high level of incremental risk. The combination of investing in an attractive market segment (A-rated corporates), and first-loss protection, makes this an appealing high-yield option for investors
Fund's Strategy View
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. The AIF is structured in a manner, that provides protection of 10% of the portfolio against defaults. Crisil has rated the AIF as CRISIL AA+(SO) for principal protection. The fund is structured in such a manner that the principal is protected in a scenario where even 30% of the portfolio company defaults
Fund Performance
We refrain from evaluating the fund since it is yet to mature (less than 5 years).
IME's View on Vivriti AIF
View on AMC
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's 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)
AMC Team
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.
Investment Strategy
Vivriti Alpha Debt Fund (also known as Vivriti Wealth Optimizer Fund) is a Category II AIF designed to provide superior risk-adjusted fixed-income returns by investing in senior secured Market-Linked Debentures (MLDs) and Non-Convertible Debentures (NCDs). The fund targets stable and proven mid-market companies, offering capital protection alongside high-yield opportunities.
Core Investment Approach
Investment in Performing Credit Opportunities:
- Focuses on stable, growth-oriented mid-market businesses.
- Invests in secured MLDs and NCDs, ensuring downside protection.
Risk-Managed Portfolio with Capital Protection:
- CRISIL AA+ (SO) rated tranche for enhanced security.
- 10% first-loss protection from the sponsor’s subordinated investment.
- ICRA-rated credit risk assessment for continuous monitoring.
Sectoral Diversification for Stability:
- Investments across Financial Services, Renewable Energy, Consumer Finance, Infrastructure, and Digital Lending.
- Avoids venture debt, distressed assets, and speculative real estate.
Trailing Performance
| 1yr | 3yr | 5yr | Since Inception | |
|---|---|---|---|---|
| Vivriti Alpha Debt Fund |
Performance as of: 30-Sep-25 | Inception Date: 28-Mar-22 | Performance are post-fees, pre-taxes. Global funds denominated in USD or fund currency.
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.
