Vivriti Asset Management Announces the Successful Maturity and Exit of Samarth Bond Fund
• Vivriti launched its first private credit fund, the Samarth Bond Fund (SBF), in 2019 • With participation from diverse investors, SBF raised INR 265 crores • SBF had made 20 investments, amounting to INR 449 crores Mumbai, May 17, 2024: Vivriti Asset Management (“VAM”), a debt asset manager in the Performing Credit space, announced the successful maturity and exit of its Vivriti Samarth Bond Fund (SBF), the company's maiden private credit Alternative Investment Fund (AIF). Launched at end of 2019, SBF was a close-ended fund category-II AIF, that garnered INR 265 crores in capital from diverse investors, including institutional investors, UHNIs and family offices. Through the fund’s life, SBF made 20 investments, amounting to INR 449 crores, with a portfolio yield of over 15.5% and a median portfolio rating of BBB+. Out of 20 companies, 11 companies saw ratings upgrade post our investment against which only one company was downgraded. Three out of 11 portfolio companies saw an upgrade of more than one notch in credit ratings. Soumendra Ghosh, Chief Investment Officer, Vivriti Asset Management, said: “As we exit SBF, our first fund, we want to thank our clients for their confidence in us in early days of VAM. SBF was launched in pre-pandemic times, in the aftermath of corporate crises of 2018, deployed mostly through 2020-21 battling uncertainties of modelling risks, and exited through 2023-24 amidst higher interest rates and tighter liquidity. Staying true to our investment thesis, staying focused on risk control amidst all that was happening around us, and taking a counter-cyclical approach to asset selection, held SBF in good stead.” Mr. Amit Ganorkar, Managing Director, Royal Sundaram General Insurance Co. Limited, said, “Royal Sundaram has been an early adopter of new asset classes like AIF, which are approved by IRDA for insurance companies to augment our portfolio yield. We were comfortable with fund's investment strategy, and having seen an alignment in their market perception and governance structure we invested in Samarth Bond Fund. On the successful maturity of the fund and performing above the hurdle rate, we congratulate the Vivriti team and wish them success in their future endeavours. We are satisfied with the outcome of the Fund and the periodical dissemination of information and monitoring process.” Commenting on the exit, Vineet Sukumar, Founder & MD, Vivriti Asset Management, said: “We are very happy to announce the successful exit of Vivriti Samarth Bond Fund – a fund that raised capital during the challenges of the pandemic from a highly diverse investor base. The excellent outcome of the fund validates our unique approach to performing credit investments. I am thankful to our clients for their unwavering support in our early days.” Vivriti Asset Management is an asset manager of fixed-income alternative investment fund schemes. Set up in 2019, VAM has raised commitments of over US$500 million across its credit funds from over 900 clients and returned over US$110 million of capital to investors. It is part of Vivriti Group, which manages assets of c.US$1.3 billion across its lending and asset management businesses. For more information, visit www.vivritiamc.com
• Vivriti launched its first private credit fund, the Samarth Bond Fund (SBF), in 2019
• With participation from diverse investors, SBF raised INR 265 crores
• SBF had made 20 investments, amounting to INR 449 crores
Mumbai, May 17, 2024: Vivriti Asset Management (“VAM”), a debt asset manager in the Performing Credit space, announced the successful maturity and exit of its Vivriti Samarth Bond Fund (SBF), the company's maiden private credit Alternative Investment Fund (AIF).
Launched at end of 2019, SBF was a close-ended fund category-II AIF, that garnered INR 265 crores in capital from diverse investors, including institutional investors, UHNIs and family offices. Through the fund’s life, SBF made 20 investments, amounting to INR 449 crores, with a portfolio yield of over 15.5% and a median portfolio rating of BBB+.
Out of 20 companies, 11 companies saw ratings upgrade post our investment against which only one company was downgraded. Three out of 11 portfolio companies saw an upgrade of more than one notch in credit ratings.
Soumendra Ghosh, Chief Investment Officer, Vivriti Asset Management, said: “As we exit SBF, our first fund, we want to thank our clients for their confidence in us in early days of VAM. SBF was launched in pre-pandemic times, in the aftermath of corporate crises of 2018, deployed mostly through 2020-21 battling uncertainties of modelling risks, and exited through 2023-24 amidst higher interest rates and tighter liquidity. Staying true to our investment thesis, staying focused on risk control amidst all that was happening around us, and taking a counter-cyclical approach to asset selection, held SBF in good stead.”
Mr. Amit Ganorkar, Managing Director, Royal Sundaram General Insurance Co. Limited, said, “Royal Sundaram has been an early adopter of new asset classes like AIF, which are approved by IRDA for insurance companies to augment our portfolio yield. We were comfortable with fund's investment strategy, and having seen an alignment in their market perception and governance structure we invested in Samarth Bond Fund. On the successful maturity of the fund and performing above the hurdle rate, we congratulate the Vivriti team and wish them success in their future endeavours. We are satisfied with the outcome of the Fund and the periodical dissemination of information and monitoring process.”
Commenting on the exit, Vineet Sukumar, Founder & MD, Vivriti Asset Management, said: “We are very happy to announce the successful exit of Vivriti Samarth Bond Fund – a fund that raised capital during the challenges of the pandemic from a highly diverse investor base. The excellent outcome of the fund validates our unique approach to performing credit investments. I am thankful to our clients for their unwavering support in our early days.”
Vivriti Asset Management is an asset manager of fixed-income alternative investment fund schemes. Set up in 2019, VAM has raised commitments of over US$500 million across its credit funds from over 900 clients and returned over US$110 million of capital to investors. It is part of Vivriti Group, which manages assets of c.US$1.3 billion across its lending and asset management businesses.
For more information, visit www.vivritiamc.com
