Vivriti Diversified Bond Fund
Vivriti AIF | Debt | | AIFIME's View on Vivriti Diversified Bond Fund
Strategy
Performing Credit Focus (~8% target post-tax yields at highest tax-slab)
Investment Fund
Vivriti Diversified Bond Fund is an attractive investment opportunity for investors seeking higher post-tax yields than Debt MF's, and comfortable with taking on some level of incremental risk. The fund focusses on the performing credit catgeory (focus on BBB rated & some unrated-corporates), with clearly defined underwriting processes. With Vivriti being one of the leading AIF's in the performing credit space, this is an attractive fund that investors seeking higher fixed income yields can consider.
Fund's Strategy View
The fund focuses on lending to established mid-market enterprises (200-5000 cr revenues, 8-18% earnings margins), and lends for Working Capital, capex, refinancing or product development requirements. The fund lends primarily against the strength of business cash flows, is sector agnostic and stays away from asset-based or special situation lending. Lending is typically for a 2-4 year tenure.
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 Diversified Bond Fund is a Category II AIF focused on performing credit opportunities in India's mid-market corporate sector. The fund invests in senior secured debt instruments issued by profitable and scalable businesses, ensuring steady, high-yield returns with capital protection. With a structured approach to credit selection and risk management, it aims to deliver consistent, risk-adjusted returns above traditional fixed-income instruments.
Core Investment Approach
Investment in Secured, Performing Credit:
- Targets mid-sized companies with revenues between ₹250-5000 crore.
- Focuses on secured debentures backed by receivables, immovable assets, or guarantees.
- Investments structured for 2-4 years, ensuring optimal return and liquidity balance.
Targeted Return Profile & Risk Management:
- Target Pre-Tax XIRR: 15-16%, outperforming traditional debt instruments.
- Low-default risk through a stringent underwriting and monitoring framework.
- First-charge security over company assets for downside protection.
Sectoral & Portfolio Diversification:
- Exposure across Financial Services, Infrastructure, Renewable Energy, Digital Lending, and MSME Financing.
- No concentrated exposure: Maximum entity allocation capped at 7.5%.
Exit Strategy:
- Exits structured via scheduled amortization, refinancing, or M&A transactions.
Trailing Performance
| 1yr | 3yr | 5yr | Since Inception | |
|---|---|---|---|---|
| Vivriti Diversified Bond Fund |
Performance as of: 30-Sep-25 | Inception Date: 30-Sep-23 | 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.
