Category III AIF against PMS and mutual funds on pooling, minimum investment, corpus, lock-in, investor cap and manager commitment, with full comparison tables.

The six AIF pooling structures used in India, compared on pooling vehicle, applicable regulations, investor type and routing of investment, with the LRS limit, feeder fee mechanics and buy-out structures.

The SEBI benchmarking mandate for AIFs: who must report, the half-yearly operational guidelines, the benchmarking agencies, how each category is benchmarked, valuation reporting timelines and the CAPM alpha computation.

How an investor runs due diligence on an Alternative Investment Fund: evaluating the Investment Manager, track record and disciplinary history, the key man clause, the legal documents, conflicts of interest and a working document checklist.

How AIF portfolio investments are valued and NAV computed: three valuation approaches, the seven IPEV methods, Regulation 23 frequency, independent valuer eligibility and the 20 percent and 33 percent deviation triggers.

What an AIF’s Private Placement Memorandum must disclose, how it is filed through a merchant banker, the annual PPM audit scope and exemptions, and material changes.

How Alternative Investment Fund returns are measured: gross and net IRR, the J curve, the PIC, DPI, RVPI and TVPI multiples, KS-PME, Direct Alpha and Sharpe.

How AIF fees actually work: management fees, hurdle rate, high-water mark, catch-up, clawback and the distribution waterfall, set out with Indian market figures.