Vivriti Short Term Debt Fund
Vivriti AIF | Debt | | AIFIME's View on Vivriti Short Term Debt Fund
Strategy
Mid-sized ST Investment Grade Debt (6-7% target post-tax yield attractive risk-adjusted yields)
Investment Fund
Vivriti Short Term 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 fund focusses on the performing credit catgeory (largely A - BBB rated corporates), with clearly defined underwriting processes. We like the combination of the open-ended nature of the strategy, the pedigree of Vivriti in the performing credit space and the performing credit space within which it operates, which overall makes this an attractive high-yield Debt AIF that can be considered for investments.
Fund's Strategy View
The fund focuses on the performing credit space (A to BBB-rated papers), which is higher-risk than typical debt MF's but substantially lower credit risk than in many other high-yield Debt AIF's. The fund will invest in securities with an avg maturity of 15-18 months, targetting a 13-13.5% gross, 11% net and 6.8% post-tax yield. Its composition includes NCDs/Bonds (55%-75%), PTC & CPS (20%-40%), and around 5% in liquid temporary investments. The fund will comprise a diversified portfolio, with a min of 30-40 companies with a single paper cap of 5-6%.
Fund Performance
A lack of 5 yr trailing performance data from our identified reliable data sources, prevents us from having a clear performance rating on the fund.
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 Short Term Debt Fund is a Category III AIF that focuses on low-risk, high-yield fixed-income investments. The fund aims to provide stable, predictable returns by investing in a diversified portfolio of investment-grade Non-Convertible Debentures (NCDs), Pass-Through Certificates (PTCs), and Commercial Papers (CPs).
Core Investment Approach
Investment in High-Quality, Short-Duration Debt:
- 100% investment in investment-grade securities, ensuring low default risk.
- Preference for quarterly/half-yearly amortizing instruments with an average maturity of 15-18 months.
Structured Portfolio for Stable Returns:
- 55-75% in NCDs & Bonds for steady income.
- 20-40% in PTCs & CPs to enhance yield.
- ~5% in liquid assets for liquidity management.
Risk-Managed Fund Structure:
- Diversified exposure across 20+ sectors, reducing sector-specific risks.
- Issuer concentration capped at 7.5%, ensuring portfolio diversification.
- Low interest rate risk due to short-duration investments.
PMS Background
Vivriti Asset Management is part of the Vivriti Capital Group, alongside Vivriti Capital, an ICRA ‘A’ rated NBFC, and CredAvenue, a large-scale digital infrastructure platform for India’s debt markets. CredAvenue functions as an end-to-end marketplace for debt origination, analytics, monitoring, and execution, connecting over 1,800 issuers and 500+ investors and facilitating more than ₹85,000 crore of transactions. Backed by global venture investors such as Sequoia, Lightspeed, and Lightrock, the platform has enabled the group to build deep, proprietary relationships across the credit ecosystem. This integration provides Vivriti Asset Management with continuous access to issuer-level data, deal flow, and real-time credit intelligence, creating a structural sourcing and monitoring advantage that differentiates it from traditional standalone credit asset managers.
PMS Investment Philosophy
Vivriti Asset Management is a credit-focused alternatives manager with a clear emphasis on delivering superior risk-adjusted returns through performing credit. The firm defines its core opportunity set as corporates and securities rated between AA and BBB, a segment that typically offers materially higher yields than conventional debt mutual fund portfolios while maintaining meaningfully lower default risk than sub-investment-grade or stressed credit strategies. This philosophy is reinforced through structural downside protection, with Vivriti acting as the junior tranche investor (Class B) across most strategies, thereby absorbing first-loss risk up to a predefined threshold and aligning interests with senior investors. The combination of disciplined credit selection, structural protection, and deep ecosystem access through CredAvenue underpins the firm’s approach to capital preservation and return generation.
Trailing Performance
| 1yr | 3yr | 5yr | Since Inception | |
|---|---|---|---|---|
| Vivriti Short Term Debt Fund |
Performance as of: 30-Nov-25
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.
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