AIF Central — Powered by JK Capital

About AIF Central

Alternative Investment Funds, explained simply

An AIF is a privately pooled investment vehicle registered with SEBI that collects capital from informed investors and invests it under a defined strategy — giving access to private markets, differentiated equity strategies and structured credit.

3

SEBI categories

II & III

Covered on AIF Central

2012

SEBI AIF Regulations

Outline map of India with an ascending growth chart, representing India's alternative investment universe

SEBI framework

The three AIF categories

SEBI classifies every AIF by what it invests in and how it invests. AIF Central covers the Category II and Category III universe; Category I is explained here for context.

Category I01

Socially or economically desirable sectors

Funds investing in start-ups, early-stage ventures, social ventures, SMEs, infrastructure or other areas the government or regulators consider socially or economically desirable.

  • Venture Capital Funds, including Angel Funds
  • SME Funds
  • Social Venture / Social Impact Funds
  • Infrastructure Funds
  • Special Situation Funds
Category II02

Private equity and private credit

Funds that do not fall in Category I or III and do not undertake leverage or borrowing other than to meet day-to-day operational requirements permitted under the regulations.

  • Private equity funds
  • Debt and private credit funds
  • Funds not falling under Category I or Category III
Category III03

Complex and hedged strategies

Funds employing diverse or complex trading strategies, which may employ leverage — including through investment in listed or unlisted derivatives.

  • Hedge funds
  • Funds trading with a view to short-term returns
  • Open-ended or close-ended funds using leverage

Structure

How an AIF works

  1. 1Capital is pooled privatelyInformed investors commit capital to a SEBI-registered scheme; units are issued in dematerialised form.
  2. 2The manager invests to a mandateA SEBI-registered manager deploys the pool under the strategy disclosed in the placement memorandum.
  3. 3Tenure runs from First CloseFor close-ended schemes, tenure is calculated from the date the scheme declares its First Close.
  4. 4Proceeds flow back pro-rataDistributions and reporting reach investors in proportion to their commitment to the scheme.

The AIF structure

InvestorsPooled capitalAIFSEBI registeredManagerDefined mandateCategory IVenture capital, SME,social venture, infrastructureCategory IIPrivate equity, debt funds,not Category I or IIICategory IIIComplex strategies,may employ leverageReturns, reporting and distributions back to investorsPro-rata to each investor's commitment

JK Capital

The team behind AIF Central

JK Capital is an AMFI-registered wealth management firm working with families and institutions across India from offices in Chandigarh, Gurugram and Mumbai. AIF Central is our effort to make India's alternative investment universe easier to discover, compare and understand.

AMFI registered · ARN-252668 · CIN U74110CH2019PTC042758

350+

Families served

₹150 Cr+

Assets managed

8+

Years of experience

ARN-252668

AMFI registered

Ready to look at the funds?

Browse India's Category II and Category III AIFs, compare their terms, and request a fact sheet when something fits.

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