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SEBI-regulated alternative investments beyond traditional stocks and mutual funds — designed for sophisticated investors seeking diversification, alpha generation, and access to private market opportunities. India's AIF industry has grown to 4.1% of GDP in FY 2025.
What is an Alternative Investment Fund?
An Alternative Investment Fund (AIF) is a privately pooled investment vehicle regulated by SEBI that collects capital from sophisticated investors to invest according to a defined policy beyond conventional asset classes like stocks and bonds.
AIFs can access pre-IPO companies, venture capital, private equity, hedge fund strategies, distressed debt, and structured credit — opportunities completely unavailable through mutual funds due to regulatory restrictions.
📌 Regulatory Framework: Governed by SEBI (AIF) Regulations 2012, last amended November 2025 with introduction of Accredited Investors Only Funds. Regular SEBI compliance and disclosure norms apply.
Why UHNIs Allocate to AIFs
- →Access to pre-IPO and unlisted companies before exchange listing
- →Venture capital access from Series A to Series D funding rounds
- →Long-short strategies generating returns in rising AND falling markets
- →Distressed debt acquired at significant discounts during restructuring
- →Pass-through taxation — no double taxation at fund level
- →Low correlation (0.3-0.5) vs. public market indices — true diversification
- →Historical IRRs of 15-25% over 5-10 year periods (Cat I & II)
AIF Category I, II & III Explained
Social Impact & Infrastructure
Investments with positive economic or social spillover effects. Receives SEBI concessions and government incentives for investing in areas deemed socially desirable.
Typical Return Profile: 15-25% IRR over 7-10 years. High illiquidity premium.
Private Equity & Debt
No specific incentives or concessions from SEBI. Does not use leverage beyond permitted limits. Most common AIF category for HNI investors seeking private market exposure.
Typical Return Profile: 12-20% IRR. 3-5 year lock-in. Capital protection features in some strategies.
Hedge Fund Strategies
Employs diverse or complex trading strategies, including derivatives, leverage, and arbitrage. Can generate returns in both rising and falling markets. Suitable for sophisticated investors only.
Typical Return Profile: 15-30%+ target. Higher risk. NAV-based liquidity varies by fund.
Is AIF Right For You?
AIFs require minimum ₹1 Crore investment and 3-5 year lock-in. Answer 8 questions to discover which AIF category suits your profile.
📋 Complete the Risk Profiling assessment to receive personalised AIF category recommendations — Category I (high illiquidity, max IRR), Category II (balanced PE/debt), or Category III (hedge strategies).
AIF Suitability Profile Assessment
This assessment determines which AIF category is right for you based on your financial capacity, liquidity needs, and risk tolerance.
Your Personal Risk Profile
8 questions. Honest answers. Personalised strategy recommendation tailored to PMS selection.
Frequently Asked Questions
Free AIF Research Downloads
AIF Categories I, II & III Guide
Deep dive into all three categories — taxation, liquidity, risk/return profiles, minimum investment, and how to choose the right category.
100-Point Scorecard Explained
The framework we use to evaluate every AIF before recommending it — People, Process, Performance, Risk, Cost, and Transparency.
PMS & AIF Complete Guide 2026
Comprehensive comparison of PMS vs AIF vs Mutual Funds — which is right for your goals, net worth, and investment horizon.
NRI AIF Investment Guide
How NRIs invest in Indian AIFs — documentation, FEMA compliance, DTAA benefits, and repatriation process explained step by step.
Ready to Explore AIF Opportunities?
Schedule a free call. We'll identify which AIF category fits your profile and share our curated shortlist.