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 AlFs 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 NPS Bharat FoF Platform is a centralized platform that facilitates the end-to-end process of mobilizing a portion of NPS assets into the AIF ecosystem.

The platform serves as a single-window interface for all pre-investment activities, including the onboarding, screening, evaluation, due diligence, and investment recommendation of eligible AIFs on behalf of the NPS Trust.

Only SEBI-registered Category I and Category II AIFs are eligible for investment, in accordance with the applicable Pension Fund Regulatory and Development Authority (PFRDA) investment guidelines.

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

AIFs may assess their eligibility for application by referring to the prescribed eligibility criteria available on the NBFoF website.
 

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

The NB-FoF follows a sector-agnostic investment approach, with no predefined restrictions on sectors. Investments may be made across sectors, subject to applicable regulatory guidelines and internal evaluation criteria.
 

The investible corpus under NB–FoF is as per the regulatory guidelines prescribed by PFRDA pertaining to investments in AIFs under NPS.

As per extant PFRDA investment guidelines:

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