Top GIFT City Funds for NRI Investing in 2026

Introduction

The top GIFT City funds for NRI investing in 2026 are USD-denominated Alternative Investment Funds (AIFs) and fund-of-funds structures regulated by the International Financial Services Centres Authority (IFSCA) — not SEBI. Leading options include Alchemy India Long Term Fund, Carnelian India Amritkaal Fund, Motilal Oswal’s Alternative IFSC Trust and Fund of Funds, ABSL India Flexicap Fund, and Phillip Capital’s Billion Opportunities Fund.

Most require a minimum investment of USD 1,50,000, with a small number of funds — including Parag Parikh Global Investing Strategy and Phillip International Pioneer Portfolio Global PMS — offering reduced entry at USD 75,000. All carry no Securities Transaction Tax (STT) or Commodity Transaction Tax (CTT), and permit full repatriation under FEMA.

If you’re an NRI exploring investment routes back into India, GIFT City funds offer a materially more efficient structure than traditional NRE/NRO-linked investments. Rather than navigating INR conversion, TDS deductions, and currency risk, you invest directly in USD through a framework built to globally aligned standards.

The number of USD-denominated AIFs operating out of India’s IFSC at GIFT City has grown steadily, but the universe of genuinely investable, well-managed options remains narrower than it looks. The 17 funds compared in this guide represent the current best-in-class AIF and fund-of-funds lineup actively available to NRI investors through Kalviro Ventures — screened for manager track record, fee transparency, and IFSCA compliance, not just availability.

The real decision for most NRIs today isn’t whether to access GIFT City — it’s which of these funds actually fits their goals, capital, and risk appetite.

This guide ranks and compares the top GIFT City AIFs for NRI investing in 2026, covering strategy, minimum investment, fees, and the investor profile each fund suits best.

Why Top GIFT City Funds for NRI Investors Matter

GIFT City (Gujarat International Finance Tec-City) is India’s first operational International Financial Services Centre (IFSC). It is regulated by the International Financial Services Centres Authority (IFSCA) — a unified regulator, separate from SEBI, created specifically to align GIFT City’s framework with global financial hubs like Singapore and Dubai.

Four reasons NRIs are increasingly routing capital through GIFT City AIFs instead of domestic structures:

USD denomination

You invest, earn, and withdraw in foreign currency, removing direct INR currency risk on your returns.

Tax efficiency

GIFT City AIFs are exempt from Securities Transaction Tax (STT) and Commodity Transaction Tax (CTT), with favorable capital gains treatment under IFSC regulations.

Streamlined compliance

KYC and account-opening processes are simplified for NRIs and foreign investors compared to domestic AIF onboarding.

Free repatriation

Profits and capital can be repatriated under FEMA guidelines without RBI approval, since GIFT City is treated as a deemed-foreign jurisdiction for these purposes.

Most GIFT City AIFs and fund-of-funds require a minimum investment of USD 1,50,000. A small number of funds — covered in the comparison below — offer reduced entry at USD 75,000, depending on the fund’s own placement memorandum terms.

How We Evaluated These Funds

Rather than ranking purely on past returns, this comparison weighs the factors that actually affect real-world outcomes for NRI investors:

• Strategy clarity — does the fund follow a defined, repeatable approach, or an opportunistic one?
• Manager track record — since most IFSC vehicles are recent, we weighted the manager’s domestic track record where the IFSC fund mirrors an existing onshore strategy.
• IFSCA compliance and repatriation mechanics — confirming smooth capital movement in and out for NRIs.
• Minimum investment threshold — flagging funds with standard vs. accredited-investor entry points.
• Risk-return and liquidity trade-offs — longer lock-ins generally correlate with higher target returns; open-ended Cat III structures trade some upside for flexibility.

If you’re earlier in your research and want the broader picture before narrowing down to specific funds, our GIFT City investment guide for NRIs covers eligibility, taxation, and the full product suite — including PMS, banking units, and insurance — beyond AIFs alone.

Top GIFT City Funds for NRI: Compare the Best IFSC Funds

Minimum investment figures reflect each fund’s placement memorandum terms as of June 2026. IFSCA’s standard Restricted Scheme threshold is USD 1,50,000 for non-accredited investors; some funds offer reduced entry for accredited investors per their own terms.

Always confirm current minimums directly with the AMC before committing capital.

1. ABSL India Flexicap Fund (IFSC)

Manager: Aditya Birla Sun Life AMC | Minimum: USD 1,50,000

This fund is structured as a fund-of-funds, channeling capital into Aditya Birla Sun Life’s domestic flexicap strategy through an IFSC-compliant wrapper. Rather than running a standalone IFSC portfolio, it gives NRIs USD-denominated access to ABSL’s existing flexicap mandate, which moves across large, mid, and small-cap stocks based on prevailing market conditions.

The management fee sits at a competitive 1.30%, with no separate performance fee layered on top, making it a relatively low-cost entry point among fund-of-fund structures in this list.

Best suited for: NRIs who want simple, low-cost access to an established domestic flexicap strategy without picking individual stocks.

2. Alchemy India Long Term Fund — Category III AIF

Manager: Alchemy Capital | Minimum: USD 1,50,000

Alchemy was one of the earliest managers to shift its India-focused offshore fund from a Mauritius structure into the IFSC at GIFT City. Managed under Hiren Ved, the fund runs a concentrated, high-conviction portfolio of quality listed Indian businesses using a Growth at Reasonable Price (GARP) approach — buying durable growth companies without overpaying for them.

The fund charges a 1.50% management fee with a 6% hurdle rate, meaning the manager only earns its 15% performance fee once investor returns clear that benchmark.

Best suited for: Investors who want experienced, disciplined active equity management with a track record predating the IFSC move.

3. Bandhan AMC IFSC Gift City

Manager: Bandhan AMC | Minimum: USD 1,50,000

Bandhan’s GIFT City offering operates as a fund-of-funds route into its domestic mutual fund strategies, giving NRIs a USD-denominated entry point into Bandhan’s broader equity fund range. At a 1.50% management fee with no performance fee, it’s structured for investors who want straightforward exposure without the complexity of a standalone Category III mandate.

Best suited for: NRIs seeking simple, fee-transparent access to Bandhan’s mutual fund strategies through an IFSC structure.

4. Carnelian India Amritkaal Fund — Category III AIF

Manager: Carnelian Asset Management | Minimum: USD 1,50,000

This fund mirrors Carnelian’s domestic Amritkaal strategy in a USD wrapper. It’s built around five long-term structural themes in the Indian economy — including banking, manufacturing, and consumption — and applies Carnelian’s QGARP (Quality + Growth at Reasonable Price) framework to stock selection within those themes.

Fee structure matches Alchemy’s: 1.50% management fee, 6% hurdle, 15% performance fee above hurdle.

Best suited for: Investors who believe strongly in India’s multi-decade structural growth themes and want thematic rather than broad-market exposure.

5. DSP India Equity Opportunities Fund

Manager: DSP | Minimum: USD 1,50,000

Structured as a fund-of-funds, this route feeds into DSP’s existing India Equity Opportunities strategy, giving NRIs USD-denominated access to DSP’s established equity research and stock-picking process.

The 1.50% management fee with no performance fee keeps the cost structure simple and predictable.

Best suited for: Investors who want exposure to a recognised domestic AMC’s flagship equity strategy without a separate IFSC-specific mandate.

6. ICICI Prudential Smart Navigator Fund (IFSC)

Manager: ICICI Prudential | Minimum: USD 1,50,000

This fund-of-funds structure routes capital into ICICI Prudential’s Smart Navigator strategy, which typically combines dynamic asset allocation between equity and other asset classes based on market valuation signals. At 1.60%, the management fee is marginally higher than several FoF peers in this list, reflecting the more actively managed allocation approach.

Best suited for: Investors who prefer a managed, valuation-aware allocation approach over a pure buy-and-hold equity mandate.

7. Motilal Oswal Alternative IFSC Trust — Category III AIF

Manager: Motilal Oswal | Minimum: USD 1,50,000

This is Motilal Oswal’s standalone Category III AIF structure at GIFT City, run as a flexi-cap equity strategy rather than a fund-of-funds. It carries a 2.50% management fee with no separate hurdle or performance fee disclosed, putting the entire cost into a flat annual charge.

Best suited for: Investors who want direct exposure to a Motilal Oswal-managed equity mandate rather than a feeder structure.

8. Motilal Oswal Gift City Fund of Funds

Manager: Motilal Oswal | Minimum: USD 1,50,000

Distinct from the Alternative IFSC Trust above, this is Motilal Oswal’s fund-of-funds route, feeding into the firm’s broader mutual fund range for diversified large- and mid-cap exposure. The 2.25% management fee is structured as a flat charge, slightly lower than the standalone AIF Trust.

Best suited for: Investors who want diversified Motilal Oswal exposure across multiple underlying schemes rather than a single concentrated mandate.

9. Neo Infrastructure Income Opportunities Fund II — Category II AIF

Manager: Neo Asset Management | Minimum: USD 1,50,000

This fund moves away from listed equities entirely, focusing on real estate and InvIT (Infrastructure Investment Trust) income strategies. It targets structured cash-flow returns from infrastructure assets rather than equity-style capital appreciation, which typically makes its return profile less correlated with stock market volatility.

The fee structure reflects this — a 2% management fee, 10% hurdle, and a meaningfully higher 20% performance fee once that hurdle is cleared, consistent with private-market income strategies.

Best suited for: Income-focused investors comfortable with a longer lock-in who want diversification away from listed equities.

10. Nippon India ETF Nifty 50 BeES GIFT

Manager: Nippon India | Minimum: USD 1,50,000

This is the only passive, index-tracking option in the list — a GIFT City-listed ETF tracking the Nifty 50. At a 0.25% management fee, it is by far the lowest-cost fund on this chart, with no performance fee or hurdle since it simply mirrors the index rather than attempting to outperform it.

Best suited for: Cost-conscious investors who want broad, low-cost India large-cap exposure without paying for active management.

11. Nippon India Large Cap Fund Gift

Manager: Nippon India | Minimum: USD 1,50,000

Structured as a fund-of-funds, this route feeds into Nippon India’s domestic large-cap equity strategy, giving NRIs USD-denominated exposure to established, well-researched large-cap Indian businesses. The 1.65% management fee carries no performance fee.

Best suited for: Investors who want large-cap stability with active management, at a moderate cost above the passive ETF option.

12. Nippon India Sharp Equity Fund

Manager: Nippon India | Minimum: USD 1,50,000

Unlike Nippon’s other two GIFT City offerings, this is a standalone long-only, flexi-cap mandate rather than a feeder fund. It charges a 1.85% management fee with an 8% hurdle and 10% performance fee above that hurdle — a more performance-aligned structure than the firm’s fund-of-funds routes.

Best suited for: Investors who want active, flexi-cap stock selection from Nippon India with a fee structure tied to performance.

13. Parag Parikh Global Investing Strategy

Manager: PPFAS | Minimum: USD 75,000

This is one of two funds in the chart with a reduced entry point, reflecting PPFAS’s accredited-investor terms for this strategy. Rather than focusing on India, it gives NRIs exposure to global markets directly — letting investors diversify away from India-concentrated portfolios while still investing through an IFSCA-regulated, USD-denominated structure.

The 2% management fee carries no separate performance fee.

Best suited for: NRIs who already have India exposure and want global market diversification through the same IFSC platform, at a lower minimum ticket.

14. Phillip India Billion Opportunities Fund

Manager: PhillipCapital | Minimum: USD 1,50,000

An active flexi-cap strategy that targets high-growth sectors and emerging opportunities within the Indian market, run with Phillip Capital’s own research process rather than as a feeder into another AMC’s mandate. The fee is a flat 2.50% with no disclosed performance component.

Best suited for: Growth-focused investors comfortable with active sector rotation and a flat fee structure.

15. Phillip International Pioneer Portfolio Global PMS

Manager: PhillipCapital | Minimum: USD 75,000

The second reduced-minimum option in the chart, this is structured as a PMS-style mandate investing in global market ETFs rather than direct India equities. It gives NRIs a lower-ticket entry into globally diversified, ETF-based exposure managed under Phillip Capital’s oversight.

Management fee is 2%, with no separate performance fee.

Best suited for: Investors who want lower-minimum, globally diversified exposure through a managed ETF portfolio rather than a pooled AIF.

16. Renaissance India Growth Fund — Gift City (Open-Ended Category III AIF)

Manager: Renaissance | Minimum: USD 1,50,000

This is Renaissance’s open-ended flexi-cap AIF at GIFT City, giving investors more flexibility around entry and exit than the closed-ended structures common among Category II private equity funds on this list.

The flat 2.50% management fee carries no disclosed performance component.

Best suited for: Investors who want an open-ended structure with greater liquidity than closed-ended Category II funds, while staying in equities.

17. Renaissance India Growth Fund I LP (For US Investors Only)

Manager: Renaissance | Minimum: USD 2,50,000

A separate legal structure built specifically for US-based investors, addressing US tax-reporting and PFIC-related considerations that pooled foreign AIFs can otherwise trigger for American taxpayers.

The minimum ticket is notably higher at USD 2,50,000, and the management fee is a flat 2%.

Best suited for: US-resident NRIs who need a structure built around US tax-compliance considerations, and who can commit the higher minimum ticket.

Quick Comparison: Top GIFT City Funds for NRIs

How to Choose?

Your choice should follow your liquidity needs, risk appetite, and time horizon — not headline returns alone.

Prefer global brand reliability? Funds run by large, established AMCs (Motilal Oswal, ABSL, Nippon India, ICICI Prudential) offer institutional infrastructure, even where fees run slightly higher than boutique managers.

Need liquidity? Renaissance’s open-ended Category III AIF and the standalone Nippon India Sharp Equity Fund offer more flexibility than closed-ended structures.

Want higher return potential and can lock in capital longer? Neo Infrastructure Income Opportunities Fund II (Category II AIF) trades liquidity for structured income returns.

Have a smaller allocation? Parag Parikh Global Investing Strategy and Phillip International Pioneer Portfolio Global PMS both open at USD 75,000, well below the standard USD 1,50,000 threshold.

Want the lowest possible cost? The Nippon India ETF Nifty 50 BeES GIFT charges just 0.25%, the lowest fee on this chart, for passive large-cap exposure.

What You Need to Invest?

• Valid passport and OCI/PIO card (if applicable)
• Overseas address proof (utility bill or bank statement)
• FEMA-compliant KYC documentation
• Funds remitted directly from your overseas account — the investment flows through IFSC-based banking/custody infrastructure even if you don’t personally hold an IFSC bank account
• An investment horizon of at least 3–5 years for equity-focused AIFs, and 4–7 years for private equity (Category II) funds

All GIFT City fund investments are made in USD, and repatriation of profits and capital is freely permitted under FEMA guidelines. If you’re ready to move forward, register with Kalviro Ventures to get fund-specific documentation and onboarding support for the AIF that fits your profile.

FAQs

Next Step

If you’re an NRI considering a GIFT City fund investment, register on the Kalviro Ventures platform to access fund factsheets, PPTs, and performance data — or book a call with our team for a personalised fund-selection walkthrough.

This article is for informational purposes only and does not constitute investment advice. Minimum investment thresholds, fees, and fund availability are subject to change — confirm current terms directly with the respective AMC before investing.

For personalized guidance on selecting a GIFT City fund, book a call with our team or consult an independent financial or tax advisor licensed in your jurisdiction.

Kalviro Ventures LLP is an AMFI Registered Distributor (ARN-335497) and APMI Registered Distributor (APRN-06567).