About Vivriti Asset Management
Vivriti Asset Management (VAM), founded in 2019, is one of the leading Indian fund managers addressing the country’s inclusive financing gap. They focus solely on Indian mid-market enterprises, a sector that comprises 22,000 businesses that only have access to 7% of the debt capital markets. Vivriti Asset Management, with a strong focus on social impact, helps small and medium-sized enterprises (SMEs) and grassroots entrepreneurs access the credit market by connecting them with institutional, private wealth, and offshore investors who seek to generate both social and environmental impact in addition to a financial return. This connection is made through alternative investment funds (AIFs) with a philosophy that is strongly aligned with the United Nations’ Sustainable Development Goals (SDGs).
Fund Snapshot
| Investment Strategy | Investing In Debt Issued By Midcorporate |
| Structure | Category II AIF, Close-Ended |
| Fund Size | INR 1,000 Crores |
| Fund Term | 3.5 Years |
| Rating | Class A Rated ICRA A-(SO) |
| Sponsor Group Contribution | 5% Of Total Commitments |
| Income Distribution | Quarterly |
| Capital Distribution | At The End Of Fund Term |
| Target Portfolio Yield | 15.25% |
| Operating Expenses | 0.10% |
| Residual Split | 90% To All Share Classes & 10% To Sponsor |
Due Diligence Process
- Sector Evaluation: Opportunity & outlook
- Sourcing and Desk Diligence: Key investment considerations; financial and operating parameters
- Detailed Due diligence and analysis: Understanding the business profile and risks through detailed promoter interactions, field visits and ecosystem checks
- Investor Communication and reporting: Monthly factsheets and quarterly valuation and portfolio updates
- Asset Management and Monitoring: Frequent management calls and field visits with portfolio companies
- Recommendation from Investment Committee: Detailed presentation to IC after which approval is received and transaction is closed
The Fund will avoid taking the following asset-class risk:
- No real-estate investments
- No investments in gems and jewellery businesses
- No investments in distressed entities, entities with history of default or overly-leveraged entities
- No investments in venture debt funding where investments are made in unproven business models and serves as a substitute for equity
The Fund will avoid making the following deal structuring calls:
- Loans against shares financing
- Promoter funding
- Equity take out
- One-time settlement deals
Typical Security Package
- B2B Market Place: Fixed and current assets – mostly receivables
- Health Care Equipment & Supplies: Current assets, Fixed assets (hospital equipment), Brand IP, Pledge of shares held by the promoter
- Agri Supply Chain Solution: Pari Passu charge on current assets and fixed assets (warehouses). Shared with other lenders
- Clean Energy: Exclusive security on entire project cash flows and project agreements
- Household Durables: Current assets – receivables from strong customers like Amazon / Flipkart
- Online Market Place: Current assets – receivables from strong customers like Amazon / Flipkart
- Financial Services: Charge over the underlying
Typical Covenants
The Investment Manager has ensured some of the tightest covenants in the market
Financial Covenants
- EBITDA to remain above pre-defined level
- Restriction on taking incremental borrowing during tenure of facility
- Debt to equity ratio tightly defined
Affirmative Covenants
- Individual Promoters shall remain on the Board of Directors as a director of the Issuer and the Holding Company until the Final Settlement Date
Negative Covenants
- Defining the shareholding pattern
Tight covenants ensure we can make a quick exit through early redemption since clauses are strictly defined in the term-sheet and obliges the company to fully redeem the debentures within a said time period
Typical End Use of Capital
- Enhanced working capital needs not supported by banks
- Capital Expenditure and Product Development
- Construction phase of infrastructure projects
- Asset acquisition not supported by banks
About The Fund Manager
Mohamed Irfan ( B.E., MBA )
Irfan adds more than 8 years of expertise in credit investment, strategy, and finance to the table. He has a track record of managing high-yield exposures well and has knowledge of credit negotiation, structuring, and post-investment management. Irfan is enthusiastic about hastening the transition to a low-carbon economy and has a profound interest in sustainable investing.
INR 390+ Cr Disbursed Across 16 Entities
| Portfolio Entities | Amount (INR Crore) |
| Zaggle Prepaid Ocean Services Private Limited | 50 |
| Shivalaya Construction Company | 47 |
| GMR Goa International Airport Limited | 35 |
| NTC Logistics India Pvt Limited | 27 |
| Eduvanz Financing Private Limited | 30 |
| Samunnati Agro Solutions Private Limited | 25 |
| Resulticks Digitals India Pvt. Limited | 25 |
| Varthana Finance Private Limited | 40 |
| Origo Commodities India Private Limited | 17 |
| True Credits Private Limited | 20 |
| FPEL Trinity Energy Private Limited | 15 |
| Namdev Finvest Private Limited | 11 |
| Bhanix Finance and Investment Limited (Cash E) | 9 |
| Sarvagram Fincare Private Limited | 8 |
| Ugro Capital Limited | 6 |
| Save Solutions Private Limited | 4 |
Related Products
For any queries, contact us on Mobile: +91 836 858 6435, Landline: 020-48627339,Toll Free: 1800 210 1995, Email: [email protected] 
Disclaimer: Investing Involves Risk. This document is for information purposes only and should not be viewed as a legal offering document or solicitation. Offers to invest in this fund are made only by the Discretionary Portfolio Management Services Agreement. Past performance does not guarantee future results and there is no assurance that the managed accounts will necessarily achieve their objectives. We do not guarantee any returns in the hand of investors not we take any sort of accountability for the performance of the scheme. The above-mentioned data is collected from the respected Fund house please verify the same at SEBI website.