NPS Bharat Fund of Funds (NB-FoF) is a dedicated Alternative Investment Fund (AIF) focused Fund of Funds established under the NPS framework to channel a portion of NPS assets (Pension Savings) into carefully selected Alternative Investment Funds in India.

It serves as an institutional investor in order to facilitate structured exposure of NPS assets to high-quality AIFs, while ensuring strong governance, risk management, and fiduciary discipline.

The FoF aims to:

NPS Bharat FoF Platform is a centralized Fund-of-Funds mechanism that acts as a single-window interface for onboarding, evaluating, investing, and post investment monitoring of eligible Alternative Investment Funds (AIFs) on behalf of NPS Trust, ensuring standardized due diligence, coordinated investments, and ongoing oversight

SEBI-registered Category I and Category II Alternate Investment Funds (AIFs) as per Pension Fund Regulatory Development Authority (PFRDA) investment guidelines

The NB-FoF is sector-agnostic.

Investments may span across sectors such as but not limited to:

• Financial services
• Deep tech
• Defence
• Pharmaceuticals
• Infrastructure
• MSME
• Manufacturing
• Digital economy
• Emerging sectors
• Consumer

The corpus of the NB–FoF is based on PFRDA-permitted limits for alternative investments under NPS.

As per extant PFRDA guidelines:

AIFs with a target corpus of ₹100 Crore or more are eligible to apply for consideration under the FoF platform.

Eligible AIFs can only apply through the “Apply Now” Button on the FoF Platform. Only those AIFs who pass initial-assessment score can submit their application

No, as per Section 25 of the PFRDA Act, 2013, Alternative Investment Fund (AIF) cannot invest in securities of Companies or Funds incorporated and operated outside India

As per extant PFRDA guidelines:

• Up to 1% of AUM (Government Sector) may be allocated to alternative assets (including AIFs).
• Up to 5% of Scheme E & C AUM (Non-Government Sector) may be invested in alternative assets (including AIFs).

Note: The regulatory ceiling also includes investment Gold/Silver & REITs/InvITs