Vivriti Promising Lenders Fund
Vivriti AIF | Debt | | AIFIME's View on Vivriti Promising Lenders Fund
Strategy
Invest in superior risk-adjusted credit in performing credit BBB- rated corporates
Investment Fund
Vivriti Promising Lenders 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 (BBB- rated corporates), and first-loss protection, makes this an appealing high-yield option for investors
Fund's Strategy View
Vivriti Promising Lenders Fund is a financial focused strategy that invests in performing credit. The portfolio's median credit rating is BBB-. Well diversified strategy with a maximum entity exposure is capped at 7.5%. The AIF is structured in a manner, that provides protection of 5% of the portfolio against defaults. CRISIL has rated the AIF as A+(SO) for principal protection.
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 Promising Lenders Fund is a Category II AIF that provides structured credit to high-potential financial services companies. The fund targets mid-sized NBFCs, fintech lenders, and other financial institutions that require growth capital, aiming to generate stable, risk-adjusted returns with strong downside protection
Core Investment Approach
Targeted Investments in Financial Services:
- Focuses on high-growth, profitable NBFCs, fintech firms, and specialty lenders.
- Invests in secured debt instruments with robust cash flows.
Strong Credit Risk Management:
- CRISIL A+(SO) rated structure, ensuring high credit quality.
- Maximum entity exposure capped at 7.5%, ensuring diversification.
- Uses cash-flow-backed lending to minimize default risk.
Structured Portfolio & Payouts:
- 45-month fund tenure, offering structured income distribution.
- Monthly interest payments, with capital distribution starting from the 25th month.
Well-Defined Exit Strategy:
- Targets principal repayment within fund tenure, ensuring investor liquidity.
- Exits structured via refinancing, equity infusions, or institutional buyouts.
Trailing Performance
| 1yr | 3yr | 5yr | Since Inception | |
|---|---|---|---|---|
| Vivriti Promising Lenders Fund |
Performance as of: 30-Sep-25 | Inception Date: 01-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.
