Performing corporate credit fund research profile
Vivriti Emerging Corporate Bond Fund is a focused performing-credit AIF that invests predominantly in NCDs issued by Indian mid-market businesses and financial institutions. ICRA describes its Category II structure and deployment limits, while public transaction and creditor records identify SarvaGram Fincare and UGRO Capital as vehicle-linked borrowers or issuers. The record excludes broader Vivriti platform names.
At a glance
Research profile
Open a section to inspect the evidence. The first view starts with the investment point of view; the rest stays quiet until you need it.
Investment lens
Vivriti Emerging Corporate Bond Fund uses a performing corporate credit; ncds and structured debt approach across Financial services, MSME lenders, mid-market corporates.
Current evidence
ICRA's 2025 scheme note and rating history continue to identify Vivriti Emerging Corporate Bond Fund as a live Category II NCD-focused vehicle. A 2026 UGRO debt review identifies the fund among debenture holders, while the manager's 2025–2026 disclosures confirm an active private-credit team and platform.
Strategy
Performing corporate credit; NCDs and structured debt
Sector focus
Financial services, MSME lenders, mid-market corporates
AIF structure context
Indian private credit, venture-debt and special-situations funds are commonly structured as Category II AIFs. Verify the specific vehicle and registration before investing.
Current signal
ICRA's 2025 scheme note and rating history continue to identify Vivriti Emerging Corporate Bond Fund as a live Category II NCD-focused vehicle. A 2026 UGRO debt review identifies the fund among debenture holders, while the manager's 2025–2026 disclosures confirm an active private-credit team and platform.
Investor questions
Vivriti Emerging Corporate Bond Fund is covered in Rupeia's private credit research universe. The current public record describes the strategy as Performing corporate credit; NCDs and structured debt, with a sector focus of Financial services, MSME lenders, mid-market corporates. The profile should be read with the linked source trail and Typical route: Category II AIF context.
The profile displays only company or asset names attributable to Vivriti Emerging Corporate Bond Fund in the reviewed public sources: SarvaGram Fincare Private Limited; UGRO Capital Limited. It does not represent a complete current portfolio unless the manager has published one.
ICRA reaffirmed the fund's structured-finance rating in 2025. Public records identify a SarvaGram debt issuance and UGRO Capital debenture holding linked to the fund; fund-level IRR, DPI, loss history and realised outcomes are not publicly disclosed. These signals are not a substitute for fund- and vintage-specific net performance, realised distributions and audited or administrator-supported reporting.
Public fund size: ICRA's 2023 rating action reported ₹922 crore of rated Class A instruments; total fund corpus and final close are not publicly disclosed.. Public terms or access information: Close-ended Category II AIF with a 3.5-year tenor after final close, predominantly investing in NCDs; ICRA describes diversification, rating and concentration parameters. Full fees, carry, hurdle, liquidity and security terms are not publicly disclosed.. Current fees, minimum commitment and availability must be confirmed for the exact named vehicle in its fund documents.
The current source record names Vineet Sukumar (Founder & Managing Director); Soumendra Ghosh (Chief Investment Officer); Siddhartha Choudhury (Senior Investment Officer); Nischal Shah (Senior Investment Officer); Priyam Kedia (Senior Investment Officer). Verify current roles, departures, attribution and key-person provisions before relying on the team history for a new commitment.
Review borrower concentration, security and seniority, cash versus accrued income, defaults, recoveries, fund leverage and liquidity. The current open diligence point is: The complete current borrower schedule, final close, current NAV, fees, carry, hurdle and audited vehicle-level returns are not publicly disclosed. SarvaGram Fincare and UGRO Capital are retained only where public transaction or creditor records name the fund; broader Vivriti platform exposures are excluded..
2026-03-08: ICRA's 2025 scheme note and rating history continue to identify Vivriti Emerging Corporate Bond Fund as a live Category II NCD-focused vehicle. A 2026 UGRO debt review identifies the fund among debenture holders, while the manager's 2025–2026 disclosures confirm an active private-credit team and platform.
Next step
Share the allocation question, ticket size, liquidity constraints and existing exposure. Rupeia can determine whether this profile needs a deeper decision-support brief.