AIF

It is most commonly set up as a trust, and may also be a company or an LLP. SEBI classifies AIFs into three categories, and choosing the right one is the first structuring decision.

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Category I

• Venture Capital Fund (VCF)
• Angel Fund
• SME Fund
• Social Venture Fund
• Infrastructure Fund
• Special Situation Fund

Category II

• Private Equity Fund
• Debt Fund
• Fund of Funds (FoF)
• Real Estate Fund

Category III

• Hedge Fund
• Long-Only Fund
• Fund of Funds (FoF)

Large Value Fund (LVF)

• Large Value Fund (LVF)

PMS

Portfolio managers manage client portfolios under the SEBI (Portfolio Managers) Regulations, 2020, whether on a discretionary, non-discretionary or advisory basis.

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Service models

• Discretionary mandates
• Non-discretionary mandates
• Advisory mandates

Mutual Funds

A mutual fund in India is set up as a trust, with a sponsor, trustees and an asset management company, and is registered with SEBI.

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Schemes

• Mutual Fund schemes
• MF Lite (passive schemes)

SIF

• Specialised Investment Fund (SIF)

REITs

Real estate investment trusts, from structuring to unitholder governance.

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Trust type

• REIT (real estate)

InvITs

Infrastructure investment trusts, from structuring to unitholder governance.

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Trust type

• InvIT (infrastructure)