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Alternative Investment Funds are a type of pooled investment fund that invests in a variety of alternative assets, such as venture capital, real estate, private equity, hedge funds, and managed futures. Unlike conventional assets like stocks and debt securities, AIFs offer a unique investment avenue to sophisticated private investors who want to diversify their portfolio and explore alternative investment opportunities.
Alternative Investment Fund [AIF] are governed and regulated by the Securities & Exchange Board of India (SEBI). They are not classified under the Mutual Fund regulations laid down by SEBI. According to Regulation 2(1) (b) of the SEBI (Alternative Investment Funds) Regulation, 2012, AIFs are defined as a privately held and managed pool of investment fund of either domestic or foreign origin, organized in the form of a body corporate, company, LLP (limited liability partnership), or a trust. AIFs can be established in any of the forms mentioned above.
AIF’s are private pooled investment funds and are not available through the forms of public issues (like Initial Public Offerings) which are applicable to Mutual Funds or other collective investment Schemes.
Generally, high net worth individuals and institutions invest in Alternative Investment Funds as it requires a high investment amount, unlike Mutual Funds
As per the AIF Regulation 2012, AIF is a fund established in India whether as a Trust or a Company or a LLP which is ::
There are certain types of trusts which prohibited from funtioning as an AIF:
➲ Family trusts
➲ ESOP trusts
➲ Employee welfare trusts
➲ Holding companies
➲ Securitization trusts
➲ Other special purpose vehicles like securitization trusts
➲ Registered securitization companies or reconstruction company funds
➲ Any fund governed by other Indian regulators
➲ AIF's provide Greater flexibility and scope in relation to traditional investment options
➲ AIF’s offer very lucrative risk-return ratio
➲ AIF’s present greater diversification of funds and low correlation
➲ Provides various opportunities to make investments in unlisted companies and high-yielding funds.
➲ AIF’s offer structured products with ample risk mitigation. Thus, attracting HNI’s to make investments in AIF’s
A. Charter document like MOA or Trust Deed or Partnership Deed shall have clauses pertaining to carrying on the activity as an Alternative Investment Fund
B. In case of a trust or partnership firm, the respective Trust Deed or Partnership Deed shall be registered with the respective registrar in accordance with the applicable laws
C. The charter document shall contain provisions prohibiting an invitation to the public to subscribe to its securities
D. The Applicant, Sponsor and Manager shall be “fit and proper” as prescribed in Schedule II of the Securities and Exchange Board of India (Intermediaries) Regulations, 2008
E. The members of the key investment team of the investment manager of the Alternative Investment Fund shall possess adequate experience and shall comprise of at least 1 (one) key personnel having a minimum of 5 years of relevant experience
F. Manager & Sponsor of an AIF shall possess the necessary infrastructure and manpower to discharge its activities
G. The Applicant shall clearly describe the objectives of investment, the strategy of investment, proposed corpus of the Fund, its tenure and targeted investors.
H. An AIF should have a minimum corpus of at least Rs. 20 crores (For an Angel Fund, the minimum corpus has been placed at INR 5 crores)
I. The minimum amount of investment to be brought in by every investor in an Alternative Investment Fund should be INR 1 crore. However, the minimum investment by an investor is prescribed at INR 25 lakhs for Angel Fund.
G. The minimum investment by an employee or director of the Manager of an Alternative Investment Fund shall be INR 25 lakhs or more.
H. It is not mandatory for an employee of the Manager who is participating in the profits to make any investments in the AIF
I. An AIF scheme cannot have more than 1000 investors whereas an Angel Fund cannot have more than 200 investors
J. Category I and Category II Alternative Investment Funds are close-ended funds, whereas category III Alternative Investment Funds are open-ended Funds
K. The minimum tenure for Category I and Category II AIF is 3 years whereas for ANGEL FUNDS the maximum tenure 5 years. There is however a provision for extension of tenure of an AIF which requires the approval of the Unit Holders comprising of at least 2/3rd in value corpus.
L. AIF Regulations restrict solicitation or collection of funds by category 3 AIF, except by way of private placement in accordance with the provision of the Companies Act, 2013 as there is no specific provision for the same in AIF Regulations
M. Units of an Alternative Investment Fund may be listed on stock exchange only after final closure of the fund or scheme, subject to minimum tradable lots of INR 1 crore.
Alternative Investment Funds are classified in 3 sub-categories
A. Category I AIF:
B. Category II AIF
C. Category III AIF
The conditions for grant of certificate of registration in accordance with Section 6 of the Alternative Investment Fund Regulations are stated as follows:
➲ Alternative Investment Funds shall have to mandatorily comply with all the conditions of the respective Regulation;
➲ Alternative Investment Funds shall not perform any kind of operations which are not regulated by the act;
➲ Alternative Investment Fund shall keep SEBI apprised of any situations or activities which involve the submission of falsified documents or any other occurrence of non-compliance with the provisions of the SEBI Regulations;
➲ The applicant should have restrictions to accept deposits in its Memorandum of Associations & Articles of Association.
➲ Maximum number of investors shall be limited to 1000 persons.
➲ Venture Capital Fund (VCF)
Venture Capital Funds are Category I Alternative Investment Funds which provide funding to startups, early-stage venture capital projects or to a small or medium-sized business, to own a part of its equity.
VC’s generally prefer funding businesses, that are already established or that are in their growth stage & have a long-term potential to mitigate their risk of losing investments.
VC’s act as a pool which collects money from various investors who are willing to undertake equity investments in ventures. VC’s, in turn invest this money, in multiple prospective projects including start-ups and SME’s. Such investments are made considering a calculated risk after taking elaborate note of several factors linked to the growth of the projects they invest in.
Unlike any collective investment schemes or mutual funds or hedge funds, investors of a VC get a pro rata share of every business the VC has invested in.
High Net Worth Individual Investors, from India and abroad, who seek high risk-high return ratio highly prefer investing in Venture Capital Form of AIF, Thus, contributing towards the growth of our economy.
➲ Angel Fund [AF]
An “Angel Investor” refers to an individual who is willing to invest in and “ANGEL FUND”. Angel funds are pretty much similar to Venture Capital Funds. The primary difference between the two is what money they use to invest.
This kind of funds comprises of various “angel” investors who contribute to the pool of funds known as the “ANGEL FUND”. Such funds prefer to invest in early-stage or budding start-ups for their growth.
When and “Angel Investor” invests in such funds, they are issued units of such fund. Angel Funds have a comparatively higher risk-return ratio. The source of returns on investments by such funds are the dividends from the profits that their investee companies make once they achieve growth and profitability.
➲ Infrastructure Fund [IF]
Infrastructure funds invest specifically to invest in companies incorporated for the purpose of development of infrastructure projects. This kind of fund facilitates investment for investors who prefer to put money in infra development projects since the infrastructure sector has considerably high entry barriers and relatively lower levels of competition. Such funds also enjoy various tax benefits and subsidies from the government of India.
Investment in Infrastructure funds generally yields double-fold returns in the form of capital growth and dividend income.
➲ Social Venture Fund [SCF]
Social venture funds [SCF’s] are a result of the evolution of socially responsible investing in India. This type of AIF’s typically invests in companies which focus on making profits and solve environmental as well as social issues simultaneously. Despite the investments being benevolent in nature, the expectation of returns is not far-fetched as the investees would still make profits.
The target investment opportunities for SCF’s are typically the social welfare projects carried out of developing countries as they have great potential for growth as well as social change.
Social Venture Funds engage the latest technology, best managerial practices and huge resource pool towards the target project with an aim at carving out a win-win situation for all the stakeholders including investors, enterprises and society in general by investing in social and infrastructure projects.
➲ SME FUND
SME (small and medium enterprise) funds fall under the Category 1 SIF (Alternative Investment Funds) that prefer investing in listed/unlisted micro, small and medium enterprises.
SME sector is an impediment to the growth of an emerging economy. This Sector generally tends to meet their debt capital requirements through collateral-based lending offered by NBFC’s and other financial institutions. However, there has been a constantly increasing GAP between the demand and supply of debt capital to this sector. A substantial portion of the SME sector lacks collateral security required for collateral-based lending preferred by the Banks and NBFC’s. Also this sector fails to attract the risk investors like Venture funds, angels funds as SME’s don’t offer a high risk-return ratio. Thus, creating a vacuum for equity-based funding for such companies as equity funds are normally directed towards start-ups or established listed and unlisted companies with high return potential.
SME funds help bridge this gap of capital requirement faced by the SME sector by offering equity financing to these companies. SME FUNDS earn returns if the investee company reports substantial growth above minimum return (Say 8-10 %) or if the company gets listed on stock exchange attracting public investment(s).
Category II comprises the following funds:
➲ Private Equity (PE) Fund
Private Equity funds is a Category 2 Alternative Investment Fund which basically normally invests in unlisted private companies against a share of their ownership. Unlisted private companies are not allowed to raise capital by issue of equity or debt instrument to the public. Hence, they turn towards PE funds to fulfil their funding requirements.
Further, PE Funds mitigate their risk by offering its investors with a diversified portfolio of equities managed by highly experienced fund managers. PE funds typically invest for a time period ranging between 4 to 7 years. Post the investment period, PE Funds expect to be able to exit the investment with a considerable profit.
➲ Debt Fund
Debt Fund are privately pooled funds established for primarily investing in debt instruments of listed as well as unlisted companies.
Debt Funds prefer investing in companies with high growth potential & good corporate practices going through a capital crunch as they can be a good investment option for debt fund investors. However, Companies with low credit score generally offer debt securities with a high yield but also accompany with high risk. So
As per the SEBI Regulations, the amount invested in Debt Fund cannot be utilised for the purpose of giving loans, as Alternative Investment Fund is a privately pooled investment vehicle.
➲ Fund of Funds
Fund of funds as the name suggests is a combination of various Alternative Investment Funds. Such funds don’t make their own portfolio or sector-specific investments. Fund of funds is established to invest in a portfolio comprising of other AIFs. Unlike the fund of funds in case of mutual funds, FUND OF FUNDS under AIF are not permitted to invite capital from the public or issue their units to publicly.
Category III comprises the following funds:
➲ Hedge Fund
Hedge Funds are Category 3 Alternative Investment Funds which pool funds from institutional and accredited investors and invests in domestic as well as international markets by employing different strategies to earn alpha or active returns. Hedge Funds take up leverage & derivatives to a great extent and are aggressively managed with an aim of generating high returns on their pooled capital. Such funds are comparatively less regulated as compared to similar mutual funds and other investment vehicles.
It is to be noted that Hedge Funds are relatively expensive as compared to other financial investment instruments as they generally charge an asset management fee of 2% and collect a high fee up to 20% of the profits earned.
➲ Private Investment in Public Equity Fund (PIPE)
It is a privately managed pool of privately sourced funds reserved for investment in public equity. Private investment in public equity means buying the shares of publicly traded stock at discounted rates. This basically implies that the investor purchases a stake in the company, whereas the investee company receives a capital infusion for its business.
Following is a Detailed categorisation and analysis of different categories of Alternative Investment Funds
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CATEGORY 1 (AIF) |
CATEGORY 2 (AIF) |
CATEGORY 3 (AIF) |
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Sub-Categories |
(SSF's retricted to invest only in stressed asset) |
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Registration Fees |
INR 500000 (INR 200000 for Angel Funds) |
INR 1000000 |
INR 1500000 |
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Managers Contribution |
> 2.5 % of the corpus of the Fund; OR |
> 2.5 % of the corpus of the Fund; OR |
> 5 % of the corpus of the Fund; OR |
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Minimum Corpus required for each scheme |
Minimum Corpus of INR 20 Crores [INR 10 Crores in case of Angel Funds & INR 100 Crores in case of SSF's] |
Minimum Corpus of INR 20 Crores |
Minimum Corpus of INR 20 Crores |
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Thresholds for investment in Listed Securities |
Limited investments permitted in Listed Securities. |
Upto 49.99% of the corpus can be invested in listed securities |
Upto 100% of the corpus is permitted to be invested in listed securities |
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Investment Period |
3 to 10 Years |
2 to 5 Years |
1 to 10 Years |
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Maximum Number of Investors |
1000 (200 for Angel Funds) |
Not Stipulated |
Not Stipulated |
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Restriction & Compliance |
Moderate |
LOW |
HIGH |
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If QIB Permitted |
Yes |
Yes |
YES |
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Leverage |
NO |
NO |
2 times leverage or 100 percent of exposure is permitted |
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Investment by PFI, Insurance Companies & Banks |
Permitted |
Permitted |
Not Permitted |
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Open Ended or Close Ended |
Close Ended |
Close Ended |
Open or Close Ended |
Guide to setting up Alternative Investment Funds in India
Alternative Investment Funds (AIFs) have become increasingly common in India over the past decade, as an alternative investment choice for successful investment portfolio diversification. In addition, even smaller investors now have access to invest in AIFs through the SIP route of the mutual fund.
Following points would act as a guide for setting up an AIF in India:
1. Application to SEBI through Form A along with cover letter
The process of registration as an AIF in India starts with the application made to the SEBI by the AIF via Form A in the specified format. This application is a prerequisite for SEBI to grant the AIF a certificate of registration under the 2012 SEBI (Alternative Funds) Regulations. SEBI usually reverts to the AIF registration criteria within 21 days of making the submission, which may also be longer, depending on the pace of compliance adopted by the AIF. It is therefore important that AIFs do their homework on the eligibility requirements for AIF under the SEBI (Alternative Funds) Regulations, 2012well, before submitting An application in its form.
The AIF must write a cover letter addressed to SEBI stating explicitly whether it is already listed as a VC fund with SEBI. Should it already be registered, all related registration information must be given to SEBI. Furthermore, in the cover letter, the AIF must indicate to SEBI whether it had already commenced operations as an AIF well before the request had been made, in which case it must provide the relevant information to SEBI. In the event that the AIF demands the registration of a new fund, this must be clearly stated in its cover letter to SEBI.
2. Preparing a Bank Draft payable to SEBI
After AIF has filled out the form A and has drawn up its cover letter, it must obtain a bank draft for payment of the application fee in favour of SEBI of Rs 100,000, of which information can be added into the cover letter to SEBI.
3. Evaluation of application by SEBI
SEBI shall thoroughly review the application once it receives it in order to assess whether the AIF has met all the necessary requirements for eligibility set out in the SEBI Regulations. For SEBI, this is important for the granting of AIF registration. Upon the SEBI is completely pleased with all the criteria of its evaluation process, it shall approve the AIF application and notify the AIF applicant expressly of this.
4. Payment of registration fee to SEBI
If a letter from SEBI is received informing the AIF that its application is successful, it must prepare the AIF for payment of the Rs. 500,000 registration fee in order to obtain AIF status in India. A central notice is, however, that an AIF already registered in India as a VC fund with SEBI should only arrange to pay SEBI a fee of R. 100,000 for re-registration. SEBI will offer the candidate 'Certificate of Enrolment' as an Alternative Investment Fund in India upon receipt of relevant registration fees.
5. AIF must ensure strict compliance SEBI's reporting and other guidelines
The AIF shall sign the registration process at the end of the SEBI as well as the applicant once the AIF receives its Registration Certificate. However, AIF has to ensure that it meets all the main report specifications stated by SEBI in the sense of compulsory enforcement. In addition, the AIF shall be updated by its website and circulars on the SEBI guidelines communicated by SEBI. The AIF shall disclose, in a reasonable amount of time, any material changes in the original data given by the AIF to SEBI.
Who is an accredited investor?
As per the AIF Regulations (Third Amendment), "Accredited Investors," means ‘any person who is granted a certificate of accreditation by an Accreditation Agency, subject to the eligibility parameters prescribed by SEBI’. In addition to the investors who qualify for accreditation by meeting the prescribed thresholds, the Third Amendment includes a list of individuals who are deemed to be Accredited Investors without having to undertake the accreditation process.
The Third Amendment establishes specific criteria for an investor to qualify as an “Accredited Investor” and avail benefits of relaxations granted to such investors
The logic for introducing the concept is to recognise a class of investors who are well-experienced in investment risks and have the knowledge as well as financial capacity to take the risk.
What is the eligibility of and Accredited investor?
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Individual, Hindu Undivided Family, family trust or sole proprietorship satisfying any of the following conditions: |
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Annual Income at least INR 2,00,00,000 (Indian Rupees Two crores); OR |
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Minimum Net Worth of INR 7,50,00,000 (Indian Rupees Seven crores and Fifty lakhs), out of which not less than 50% (i.e., INR 3,75,00,000 (Indian Rupees Three crores and Seventy Five lakhs) is in the form of financial assets; OR |
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Annual Income of at least INR 1,00,00,000 (Indian Rupees One crores) and Net worth of at least INR 5,00,00,000 (Indian Rupees Five crores), at least half of which (i.e., INR 2,50,00,000 (Indian Rupees Two crores and Fifty lakhs) is in the form of financial assets; |
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body corporate having a minimum net worth of INR 50,00,00,000 (Indian Rupees Fifty crores); |
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trust (other than family trust) having a minimum net worth of INR 50,00,00,000 (Indian Rupees Fifty crores); and |
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partnership firm (incorporated under the Indian Partnership Act, 1932, each partner must independently meet the applicable eligibility criteria (detailed above) for accreditation, depending on their form. |
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Deemed Accredited Investors
Furthermore, government, developmental, or fund entities of the Centre and States, qualified institutional buyers under the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, Category I foreign portfolio investors, sovereign wealth funds, and multilateral agencies, and other entities notified by the SEBI shall be deemed Accredited Investors, with no requirement to obtain an accreditation certificate.
While the February Consultation Paper mentioned a separate set of thresholds for non-resident Indians (NRIs) and foreign entities, the Third Amendment makes no distinction between the criteria for residents and NRIs / foreign entities. It remains to be seen how the Accreditation Agencies apply the eligibility conditions imposed on entities and individuals located outside of India.
Relaxation in minimum investment value
The AIF Regulations have been amended to exempt Accredited Investors from investing a minimum of INR 1,000,000 (Indian Rupees One Crore), which is a welcome change.
In line with the notion that Accredited Investors are sophisticated investors who require less regulatory protection, the minimum investment threshold for investing in AIFs has been eliminated for such Accredited Investors, giving them greater flexibility in structuring their investments.
1. What is an Alternative Investment Fund?
Alternative Investment Fund or AIF means any fund which has been set up or generated Integrated in India, which is an investment fund that is privately pooled Collects assets, whether Indian or foreign, from advanced investors for Investing it for the good of it in accordance with a given investment policy Investors. The AIF does not include funds that are insured by SEBI (Mutual Funds) Regulations, 1996, SEBI Regulations (Collective Investment Schemes) 1999, Or any other board rules to control the activities of fund management.
2. What are the Different Categories of AIF?
In one of the following categories, applicants may seek registration as an AIF,
As may be appropriate, and in sub-categories thereof: [Ref. Regulation 3(4)]
AIF category I:
Venture capital funds (Angel Funds Included)
Funds for SMEs
Funds for Social Projects
Funds for Infrastructure
AIF Category II
AIF Category III
Q.3 What is the minimum Corpus Requirement for AIF registration?
For Category I- Minimum Corpus of INR 20 Crores (INR 10 Crores in case of Angel Funds)
Category II-Minimum Corpus of INR 20 Crores
Category III- Minimum Corpus of INR 20 Crores
Q.4 What is the Registration Fees to be paid to SEBI?
A. Registration fee to be paid by an AIF is as under:
Category I Alternative Investment Funds INR 5,00,000
Category II Alternative Investment Funds INR 10,00,000 Category
III Alternative Investment Funds INR 15,00,000
Angel Funds INR 2,00,000
Q5 What is an Angel Fund?
a) The Angel Fund is a sub-division of the Venture Capital Fund under the Alternative Investment Fund Division I, which raises funds from institutional investors and from angel investors.
b) Invest in compliance with the rules of the AIF Regulations, Chapter III-A.
c) In the case of an angel fund, the only way to collect funds is by distributing units to the angel fund.
Q6 What are the Income Tax implications on a VCF?
Income of a VCF is taxable at fund level in accordance with the current regime, (except for the exemption provided under section 10(23 FA) of the Income tax act. This exemption is for any dividend income or income by capital gains) and is also taxable at the hands of the investors when distributed by VCF to the investors. Pool, as well as investor level taxation has been applicable for decades according to the Indian Income Tax statutes for decades.
(reference: CLICK HERE)
A proviso added to the section 10(23FB) of the Income Tax Act by the Finance Act 2015, stated that Category I and Category II AIFs that are registered with under the AIF Act are not subject to the tax.
AIF Funds are taxed in accordance with the latest amendments outlined in the ITA's newly adopted Chapter XII-FB. This meant that VCFs that were previously registered under the VCF Regulations would be able to take the benefits of exemption under the section 10(23FB) for the incomes arising out of venture capital undertaking investments.
The Income Act, also provides that taxes charged under the heading "Profits and gains from business and profession" will be taxed at the Alternative Investment fund level, with no tax duty passing through to unit holders which is also known as the TAX PASS THROUGH STATUS. To give effect to this the Act has two provisions:
a. Section 10(23FBA), which provides exemption from the income of an investment fund that is not chargeable under the heading "Profits and gains of business or profession"; and
b. Section 10(23FBB), provides exemption from the income accruing or arising to, or received by, a unit-holder of an investment fund that is of the same nature as income chargeable under the heading "Profits and gains of business or profession."
Q7 What are the indirect tax implications applicable on Alternative Investment Funds and Alternative Investment Fund Manager in India?
AIF located in India are considered to be a distinct artificial. Any services (from Fund Manager or any other service provider) which is availed by the AIF are subject to 18% GST. AND, as AIF is only a pooling vehicle and does not provide any service at all, hence, it has no output GST liability. Hence, the AIF is not able to avail any ITC (input tax credit) and in effect, the GST paid on its expenses is a sunk cost and forms the part of expenditures of the fund. Such GST is effectively borne by the investors of the AIF. This is also true for GST on fund management fee earned by the Fund manager, which is one of the most significant expenses incurred by an AIF in its course business.
Q8 Are AIF Open Ended or Closed Ended?
Category I and II AIF (Alternative Investment Funds) are close-ended funds with a minimum tenure of three years as prescribed by SEBI AIF Regulations. However, Category III AIFs have the option to be open-ended funds. Category III AIF being open-ended fund would simply mean that an investor can subscribe to it anytime during the tenure of the fund.
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