No, as per Section 25 of the PFRDA Act, 2013, AIFs cannot invest in securities of Companies or Funds incorporated and operated outside India.
A First-time Fund Manager is an Investment Manager that is raising and managing its first Alternative Investment Fund and therefore lacks an established track record in managing AIFs or similar pooled investment vehicles, though the team may have prior individual experience in investments.
No, shortlisting does not guarantee capital commitment. The selection process is conducted in two stages. Shortlisting by the Screening Committee constitutes only the first stage. Final commitment depends on:
Registration → Self-Assessment → Submission of Application →Screening Committee → Pension Funds Investment Committee → Documentation → Onboarding of AIFs.
The AIF Cell under NPS Trust conducts primary due diligence, including but not limited to:
AIF Business refers to the end-to-end fund management activities undertaken by the Investment Manager in relation to Alternative Investment Funds, including fundraising, deal sourcing, investment execution, portfolio management, monitoring, and exits.
AIFs are required to submit, inter alia, the following documents for evaluation by the AIF Cell:
Yes, General Partner (GP) commitment is expected to ensure alignment of interests between the Investment Manager and investors. A meaningful “skin in the game” is considered an important factor in the evaluation process.
Co-investments are not allowed as per the PFRDA investment guidelines.
Post-investment, AIFs shall provide periodic reporting, including, but not limited to:
• Quarterly portfolio updates
• Net Asset Value (NAV) statements
• Capital account statements
• Valuation reports
• ESG reporting (if applicable)
• Material event disclosures