ALTERNATIVE INVESTMENT FUNDS (AIF)
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Alternate Investment Funds (AIFs)
The alternative investment funds (AIFs) means any fund established or incorporated in India, which largely comprises private equity, venture capital, public markets, and other privately pooled investment vehicles.
Which collects funds from sophisticated investors, whether Indian or foreign, for investing it in accordance with a defined investment policy for the benefit of its investors.
AIFs are categorised based on their investment strategy. The three categories of AIFs are:
| Category I | Category II | Category III |
|---|---|---|
| AIFs CAT I which invest in start-up or early stage ventures or social ventures or SMEs or infrastructure or other sectors or areas which the government or regulators consider as socially or economically desirable and shall include venture capital funds, SME Funds, social venture funds, infrastructure funds. | Various types of funds such as real estate funds, private equity funds (PE funds), funds for distressed assets, etc. are registered as Category II AIFs Debt fund is an AIF which invests primarily in debt or debt securities of listed or unlisted investee companies according to the stated objectives of the Fund. These funds are registered under Category II. | AIFs which employ diverse or complex trading strategies and may employ leverage including through investment in listed or unlisted derivatives. Various types of funds such as hedge funds, PIPE Funds, etc. are registered as Category III AIFs. |