Alternative Investment Funds (AIF) in India
AIF in India: a curated list of Category II and III funds that are open for investment, grouped by strategy.
Request a call backSee the list
- Minimum investment
- ₹1 crore for most investors
- Regulated by
- SEBI
- Who can invest
- Resident Indians and NRIs, fund by fund
30+ managers. One evaluation standard.
List of AIFs in India open for investment
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List updated
Category II AIFs
How Category II and III differ
Private credit AIFs
These funds lend to companies through structured loans and debentures, outside bank and bond-market borrowing. They earn interest and fees on these loans. Whether investors receive periodic distributions depends on the fund's cash flows, expenses and distribution policy, as set out in the PPM.
| Fund | Fund house | Category | Strategy | Minimum | Documents |
|---|---|---|---|---|---|
| 360 ONE ARISE Credit FundRead our review | 360 ONE | Category II | Private credit | ₹1 crore | Factsheet & presentation |
| ASK Private Credit Fund Series B | ASK Investment Managers | Category II | Private credit | ₹1 crore | Factsheet & presentation |
| ICICI Prudential Corporate Credit Opportunities Fund Series IIIRead our review | ICICI Prudential | Category II | Private credit | ₹1 crore | Factsheet & presentation |
| InCred Credit Opportunities Fund III | InCred Asset Management | Category II | Private credit | ₹1 crore | Factsheet & presentation |
| LC Growth Debt Fund IIRead our review | Lighthouse Canton | Category II | Private credit | ₹1 crore | Factsheet & presentation |
| Neo Income Plus Fund III | Neo Asset Management | Category II | Private credit | ₹1 crore | Factsheet & presentation |
| Neo Prime FundRead our review | Neo Asset Management | Category II | Multi-strategy, credit led | ₹1 crore | Factsheet & presentation |
| Sundaram Emerging Corporate Credit Opportunities Fund Series IIRead our review | Sundaram Alternates | Category II | Private credit | ₹1 crore | Factsheet & presentation |
| Vivriti Diversified Bond Fund Series IIIRead our review | Vivriti Asset Management | Category II | Private credit | ₹1 crore | Factsheet & presentation |
| Vivriti India Retail Assets Fund Series 2Read our review | Vivriti Asset Management | Category II | Private credit | ₹1 crore | Factsheet & presentation |
Read more: Private credit AIFs explained
Private equity and venture capital AIFs
These funds buy stakes in unlisted companies, from early-stage businesses to firms a few years from listing. Some invest through other funds (fund of funds) or buy existing stakes from earlier investors (secondaries). Money comes back as companies are sold or listed, so the timing of payouts is not fixed.
| Fund | Fund house | Category | Strategy | Minimum | Documents |
|---|---|---|---|---|---|
| 360 ONE Multi-Stage AI FundRead our review | 360 ONE | Category II | Growth-stage private equity, AI | ₹1 crore | Factsheet & presentation |
| Bharat Tech FundRead our review | Piper Serica | Category II | Growth-stage private equity, tech | ₹1 crore | Factsheet & presentation |
| Carnelian Private Growth & Innovation FundRead our review | Carnelian | Category II | Private equity | ₹1 crore | Factsheet & presentation |
| HDFC AMC Select Opportunities FundRead our review | HDFC | Category II | Secondaries | ₹1 crore | Factsheet & presentation |
| InCred Growth Partners Fund 2 (IGPF2)Read our review | InCred Asset Management | Category II | Private equity | ₹1 crore | Factsheet & presentation |
| Nippon India Digital Innovation Fund Series 2ARead our review | Nippon India | Category II | Venture capital | ₹1 crore | Factsheet & presentation |
| Singularity Fund of Funds IIRead our review | Singularity | Category II | Fund of funds | ₹1 crore | Factsheet & presentation |
| Value Quest S.C.A.L.E. Fund II | Value Quest | Category II | Private equity | ₹2 crore | Factsheet & presentation |
Read more: Private equity through Category II AIFs · DPI, TVPI and IRR explained · Private equity funds in India: how to invest
Pre-IPO AIFs
These funds invest in companies before a planned stock-market listing. Returns depend on whether the listing happens, when, and at what price.
| Fund | Fund house | Category | Strategy | Minimum | Documents |
|---|---|---|---|---|---|
| ICICI Prudential Special Opportunities FundRead our review | ICICI Prudential | Category II | Pre-IPO, late-stage and listed | ₹1 crore | Factsheet & presentation |
| Kyro India Opportunities Fund 1Read our review | Kyro Capital | Category II | Pre-IPO and listed equity | ₹1 crore | Factsheet & presentation |
| Nine Rivers Capital AIF Unique Opportunity | Nine Rivers Capital | Category II | Pre-IPO and listed equity | ₹1 crore | Factsheet & presentation |
Real estate and infrastructure AIFs
These funds lend to or own housing and commercial projects, land and infrastructure that earns rent, tolls or tariffs. Repayment depends on project sales, rental income and the cash flow of the assets.
| Fund | Fund house | Category | Strategy | Minimum | Documents |
|---|---|---|---|---|---|
| 360 ONE Real Assets Development Fund | 360 ONE | Category II | Real estate and infrastructure | ₹1 crore | Factsheet & presentation |
| ASK Real Estate Special Situations Fund IVRead our review | ASK Investment Managers | Category II | Real estate | ₹1 crore | Factsheet & presentation |
| Bharat Value Fund Series V (Bhoomi Fund) | The Wealth Company | Category II | Real estate | ₹1 crore | Factsheet & presentation |
| ICICI Prudential Real Estate Development FundRead our review | ICICI Prudential | Category II | Real estate | ₹1 crore | Factsheet & presentation |
| Neo Infra Income Opportunities Fund IIRead our review | Neo Asset Management | Category II | Infrastructure | ₹1 crore | Factsheet & presentation |
Category III AIFs
How Category II and III differ
Listed equity AIFs
These funds hold mainly listed shares as a pooled fund, so you own units of the fund rather than the shares. Some keep a part in pre-IPO or unlisted companies. Open-ended funds take new money on set dates, weekly, fortnightly or monthly, and may charge an exit load for early withdrawals, as the PPM sets out.
| Fund | Fund house | Category | Strategy | Minimum | Documents |
|---|---|---|---|---|---|
| 360 ONE Equity Opportunities Fund Series IV | 360 ONE | Category III | Pre-IPO and listed equity | ₹1 crore | Factsheet & presentation |
| 360 ONE PIPE Fund Series 2Read our review | 360 ONE | Category III | PIPE: listed and unlisted | ₹1 crore | Factsheet & presentation |
| Abakkus Flexi Edge Fund 1 | Abakkus | Category III | Listed equity | ₹1 crore | Factsheet & presentation |
| Abakkus Growth FundRead our review | Abakkus | Category III | Listed equity | ₹1 crore | Factsheet & presentation |
| ABSL India Equity Opportunities Fund | Aditya Birla Sun Life AMC Ltd. | Category III | Listed equity | ₹1 crore | Factsheet & presentation |
| ABSL India Special Opportunities Fund Series II | Aditya Birla Sun Life AMC Ltd. | Category III | Listed equity | ₹1 crore | Factsheet & presentation |
| ABSL Select Sector Fund | Aditya Birla Sun Life AMC Ltd. | Category III | Listed equity | ₹1 crore | Factsheet & presentation |
| Alchemy Leaders of Tomorrow | Alchemy Capital | Category III | Listed equity | ₹1 crore | Factsheet & presentation |
| Alchemy Long Term Ventures 3Read our review | Alchemy Capital | Category III | Pre-IPO and listed equity | ₹1 crore | Factsheet & presentation |
| Ampersand Growth Opportunities Fund Scheme 1Read our review | Ampersand | Category III | Listed equity | ₹1 crore | Factsheet & presentation |
| Buoyant Capital Opportunities FundRead our review | Buoyant Capital | Category III | Listed equity | ₹1 crore | Factsheet & presentation |
| Carnelian Bharat Amritkaal Fund 2 | Carnelian | Category III | Listed equity | ₹1 crore | Factsheet & presentation |
| Carnelian Structural Shift Fund | Carnelian | Category III | Listed equity | ₹1 crore | Factsheet & presentation |
| Finavenue Growth Fund | Finavenue | Category III | Listed equity | ₹1 crore | Factsheet & presentation |
| Helios India Emerging Star Fund | Helios | Category III | Listed equity | ₹1 crore | Factsheet & presentation |
| ICICI Prudential PIPE FundRead our review | ICICI Prudential | Category III | PIPE: small caps, up to 10% unlisted | ₹1 crore | Factsheet & presentation |
| ICICI Prudential SMART Fund | ICICI Prudential | Category III | Listed equity | ₹1 crore | Factsheet & presentation |
| InCred Healthcare Horizon Fund | InCred Asset Management | Category III | Listed equity | ₹1 crore | Factsheet & presentation |
| Motilal Oswal Founders Fund | Motilal Oswal | Category III | Listed equity | ₹1 crore | Factsheet & presentation |
| Motilal Oswal Founders Fund Series VII | Motilal Oswal | Category III | Listed equity | ₹1 crore | Factsheet & presentation |
| Motilal Oswal Mid to Mega Series III | Motilal Oswal | Category III | Listed equity | ₹1 crore | Factsheet & presentation |
| Motilal Oswal Next Trillion Dollar Opportunities Fund | Motilal Oswal | Category III | Listed equity | ₹1 crore | Factsheet & presentation |
| Motilal Oswal Value Migration Fund | Motilal Oswal | Category III | Listed equity | ₹1 crore | Factsheet & presentation |
| Negen Undiscovered Value Fund II | Negen Capital | Category III | Pre-IPO and listed equity | ₹1 crore | Factsheet & presentation |
| Nippon India Equity Opportunities AIF Scheme 11 | Nippon India | Category III | Listed equity | ₹1 crore | Factsheet & presentation |
| Nippon Undiscovered India Opportunity Fund 2 | Nippon India | Category III | Listed equity | ₹1 crore | Factsheet & presentation |
| Renaissance Ascend FundRead our review | Renaissance | Category III | Listed equity | ₹1 crore | Factsheet & presentation |
| Renaissance India Next Fund IV | Renaissance | Category III | Listed equity | ₹1 crore | Factsheet & presentation |
| TCG Transformative Growth Strategy AIF | TCG Asset Management | Category III | Listed equity | ₹1 crore | Factsheet & presentation |
| Vedartha India Opportunities Fund Series 1 | Vedartha by Bandhan AMC | Category III | Listed equity | ₹1 crore | Factsheet & presentation |
Read more: Long-only vs long-short funds · Category III AIFs for NRIs
Real estate and infrastructure AIFs
These funds hold units of real estate investment trusts (REITs) and infrastructure investment trusts (InvITs), which own offices, malls, roads and power lines, and may lend to them. Income comes from the rent, tolls and tariffs the trusts pay out, and unit prices move with the market.
| Fund | Fund house | Category | Strategy | Minimum | Documents |
|---|---|---|---|---|---|
| WhiteOak Capital REIT & InvIT Alternates Fund 2Read our review | WhiteOak Capital | Category III | Listed REITs and InvITs | ₹1 crore | Factsheet & presentation |
Long-short AIFs
These funds hold shares and use short positions or derivatives to hedge, or to gain when shares or indices fall. Short positions, derivatives and leverage can add to losses as well as limit them.
| Fund | Fund house | Category | Strategy | Minimum | Documents |
|---|---|---|---|---|---|
| Motilal Oswal Hedged Equity Multifactor Strategy | Motilal Oswal | Category III | Long-short equity | ₹1 crore | Factsheet & presentation |
| Swyom India Alpha FundRead our review | Swyom Advisors | Category III | Long-short equity | ₹1 crore | Factsheet & presentation |
Debt and treasury AIFs
These funds hold short-term debt or earn from price gaps between the cash and futures markets. Some set a short lock-in; the PPM states its length.
| Fund | Fund house | Category | Strategy | Minimum | Documents |
|---|---|---|---|---|---|
| Neo Treasury Plus Fund | Neo Asset Management | Category III | Arbitrage and treasury | ₹1 crore | Factsheet & presentation |
| Vivriti Short Term Debt FundRead our review | Vivriti Asset Management | Category III | Debt | ₹1 crore | Factsheet & presentation |
No fund matches your search.
What is an Alternative Investment Fund?
An Alternative Investment Fund (AIF) in India is a privately pooled investment fund registered with SEBI. It collects money from investors and invests it in unlisted companies, private credit, real estate, infrastructure and specialised strategies in listed markets.
SEBI groups AIFs into three categories. Category I covers venture capital, SME, social impact and infrastructure funds. Private equity, private credit and real estate funds fall under Category II. Finally, Category III covers listed-market strategies, such as long-only and long-short funds.
This page lists Category II and III AIFs that are currently open for investment.
How to invest in an AIF with our team
Kalviro Ventures is an AIF distributor. Our team takes you from the first question to a decision.
- You tell us what the money is for, when you may need it back and what you already hold.
- Then we send a shortlist of open funds to compare on those terms, each with its presentation, factsheet and private placement memorandum (PPM).
- Then we go through fees, capital calls, lock-in, exit terms, risks and eligibility with you. The decision is yours.
- We also handle KYC (know your customer) checks, paperwork and coordination with the fund house, and send you statements and fund updates after you invest.
Already been shown an AIF? Send us the proposal and we’ll take you through its terms.
Category II and Category III AIFs compared
| Category II | Category III | |
|---|---|---|
| Invests in | Mainly unlisted companies, private loans, real estate and infrastructure | Mainly listed shares, derivatives and short-term debt |
| Structure | Close-ended, with a term of at least three years | Open-ended or close-ended |
| Money in | Committed, then called in stages (capital calls) | Paid upfront or called in stages, as the PPM sets out |
| Money out | As investments are sold or loans repaid, over the term | On redemption dates (open-ended) or at the end of the term |
| Borrowing | Cannot borrow or use leverage to invest. May borrow only for temporary funding or day-to-day operating needs: up to 30 days, four times a year and 10% of investable funds | May use leverage and derivatives, within SEBI limits and with investors’ consent |
Source: SEBI (Alternative Investment Funds) Regulations, 2012, last amended 15 October 2026. Information as of 31 October 2026.
AIF, PMS and mutual funds
| Mutual fund | Portfolio management services (PMS) | AIF | |
|---|---|---|---|
| Minimum | Set by each scheme | ₹50 lakh | ₹1 crore for most investors |
| What you own | Units of a pooled fund | Securities in your own demat account | Units of a pooled fund |
| Invests in | Listed shares and bonds, as each scheme’s mandate allows | Mainly listed securities, as the portfolio manager’s mandate allows | Unlisted companies, private loans, real assets, listed strategies |
| Getting money out | Open-ended schemes: usually any business day, subject to scheme terms | On request, subject to the agreement’s exit terms and any exit load | On set dates, or over the fund’s term |
Source: SEBI (Portfolio Managers) Regulations, 2020 and SEBI (Alternative Investment Funds) Regulations, 2012. Information as of 31 October 2026.
Mutual Fund investments are subject to market risks, read all scheme related documents carefully.
You can also see our curated PMS strategies and mutual funds. For GIFT City (IFSC) funds, which have their own eligibility rules, see GIFT City investments.
AIF in India: minimum investment, lock-in, fees, tax and risks
AIF minimum investment (ticket size)
The minimum investment in an AIF in India is ₹1 crore for most investors, under SEBI rules. Accredited investors are not bound by it (see the FAQ), but each fund sets its own minimum; the list shows each fund’s figure. In a Category II fund, however, this is the amount you commit, not the amount you pay on day one.
AIF lock-in period and exit
There is no single lock-in period for an AIF; it depends on the category. Category II funds are close-ended, with a minimum term of three years from the first close. Investors holding two-thirds of the fund’s value can agree to extend the term by up to two years. Because they are close-ended, most Category II funds do not allow early withdrawal: money comes back as investments are sold or loans repaid. In contrast, open-ended Category III funds redeem on set dates and may charge an exit load if you withdraw early, as the PPM sets out. Close-ended Category III funds, however, run for a fixed term.
AIF fees
AIFs charge a yearly management fee. Most also take a share of profits above a minimum return set in the PPM, called the hurdle rate. This share is the performance fee, or carried interest in many Category II funds. Some funds also charge set-up costs and exit loads, and the PPM lists every fee.
AIF taxation
Category II AIFs have pass-through status under the Income-tax Act, 2025, in force from 1 April 2026: most of their income is taxed in investors’ hands as if they held the investments directly, while the fund pays tax on business income. Category III AIFs, however, don’t have this status, and their tax depends on the fund’s legal structure and the type of income. Your tax professional should confirm how this applies to you. See Category II AIF tax.
AIF risks
These funds’ documents name market, credit, liquidity and valuation risks. Valuation risk arises because unlisted holdings have no daily market price. Some funds also carry leverage risk (Category III only), concentration risk when they hold a few large investments, and penalties for investors who miss a capital call. No AIF guarantees a return.
Frequently asked questions
Can NRIs invest in AIFs in India?
Yes. Since 15 October 2026, SEBI's AIF rules treat persons resident outside India, as defined under FEMA, as accredited investors. The ₹1 crore regulatory minimum therefore does not apply to them, but each fund still sets its own minimum and eligibility. Some funds limit which countries' residents they accept, so we check eligibility fund by fund against the PPM and foreign exchange rules. For GIFT City (IFSC) funds, see GIFT City investments.
Can I invest less than ₹1 crore?
Only as an accredited investor, and only where the fund's own minimum allows it. Resident investors become accredited through an accreditation agency or a SEBI-specified entity, based on income, net worth or securities holdings; NRIs are treated as accredited (see above). See accredited investors in India.
What is a capital call or drawdown?
In a Category II fund you commit an amount, and the fund asks for parts of it as it finds investments. Each call comes with a notice; the PPM sets the notice period and what happens if a payment is missed. See AIF capital calls.
How are AIF returns measured?
Category II funds report an internal rate of return (IRR) and two multiples: DPI (cash returned divided by cash paid in) and TVPI (cash returned plus the value still held, divided by cash paid in). Category III funds report returns on their net asset value (NAV), like a mutual fund. CRISIL and NSE publish AIF benchmark reports that group funds by category and start year. See DPI, TVPI and IRR explained.
What is a PPM in an AIF?
The private placement memorandum (PPM) is the AIF's offer document. It sets out the strategy, term, fees, capital calls, exit rules and risks, and every investor signs up to it. See how to read a Category II PPM.
AIF market size in India
Investors had committed ₹17,53,070 crore (about ₹17.5 lakh crore) to AIFs in India by 30 June 2026. Category II funds account for about 74% of these commitments. Funds raised is the part of commitments that funds have drawn from investors. These are industry-wide figures for all AIFs in India, not Kalviro’s assets or fund returns.
| Category | Commitments raised | Funds raised | Investments made |
|---|---|---|---|
| Category I | 1,13,041 | 63,487 | 51,501 |
| Category II | 13,02,837 | 4,78,195 | 4,28,376 |
| Category III | 3,37,192 | 2,17,227 | 2,30,911 |
| Total | 17,53,070 | 7,58,909 | 7,10,787 |
Figures in ₹ crore. Totals may not add up exactly because of rounding. Source: SEBI, data relating to activities of AIFs, cumulative net figures as at 30 June 2026.
Looking to invest in AIFs?
Request a call back and our team will take you through the open funds and their terms.