Category III AIF against PMS and mutual funds on pooling, minimum investment, corpus, lock-in, investor cap and manager commitment.
Author: Taxmann
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The SEBI benchmarking mandate for AIFs: who reports, the half-yearly guidelines, the three agencies, category methods and the CAPM alpha computation.
The six AIF pooling structures used in India, compared on pooling vehicle, applicable regulations, investor type and routing of investment.
How an investor runs due diligence on an AIF: the Manager’s track record, the key man clause, the legal documents, conflicts and a document checklist.
How AIF investments are valued and NAV computed: the three approaches, seven IPEV methods, Regulation 23 frequency, valuer eligibility and deviation triggers.
What an AIF’s PPM must disclose, how it is filed through a merchant banker, the annual PPM audit scope and exemptions, and material changes.
How AIF returns are measured: gross and net IRR, the J curve, PIC, DPI, RVPI and TVPI multiples, KS-PME, Direct Alpha and Sharpe.
How AIF fees work: management fees, hurdle rate, high-water mark, catch-up, clawback and the distribution waterfall, with Indian market figures.
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