ALTERNATIVE INVESTMENT FUNDS (AIF)
View and manage all your AIF funds in one place with complete transparency and real-time tracking
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An Alternative Investment Fund (AIF) is a privately pooled vehicle registered with SEBI under the AIF Regulations, 2012. It can be set up as a trust, LLP or company. It pools money from sophisticated Indian or foreign investors and invests it according to a defined policy.
| Category I | Category II | Category III | |
|---|---|---|---|
| Nature | Positive spillover for the economy | Neither I nor III; buy-and-hold, illiquid | Diverse or complex trading strategies |
| Underlying | VC, SME, social venture, infra, angel | PE, debt, real estate, FoF, special situations | Long-only or long-short listed equity, quant, derivatives |
| Market | Mainly private | Mainly private | Listed and unlisted |
| Leverage | Only operational | Only short-term operational | Allowed, within SEBI caps and a risk policy |
| Structure | Close-ended, min. 3 years | Close-ended, min. 3 years | Open- or close-ended |
| Liquidity | Low (locked for the fund's tenure) | Low (locked for the fund's tenure) | Higher, especially open-ended |
| Risk | High per investment, no leverage | Moderate to high (illiquid holdings) | Moderate to high; leverage adds risk |
| Example players* | SIDBI VC, Fireside, Blume, Stellaris, NIIF | ChrysCapital, Kedaara, Multiples, Edelweiss, Kotak, ICICI Venture | Avendus, Alchemy, ASK, Motilal Oswal, White Oak, Nippon India, Marcellus |
*The list is indicative only. Verify current SEBI registration.