The register

Every SEBI-registered Alternative Investment Fund in India

India AIF is an independent reference for Alternative Investment Funds regulated by SEBI in India under the SEBI (Alternative Investment Funds) Regulations, 2012. It indexes all 1,990 funds on the public register, republishes SEBI’s quarterly industry statistics, and covers the regulatory beat.

It sells nothing, recommends nothing, and takes no commission.

Browse all 1,990 funds The quarterly data

Five years of the Indian AIF industry

Every quarter, charted and downloadable →

Commitments are what investors have promised. Funds raised is what managers have actually called. The distance between the two lines is the industry’s undrawn capital, and it is the most useful thing SEBI publishes about AIFs.

Metric

SEBI quarterly Alternative Investment Fund activity, ₹ crore, every metric and every category. Cat I, II and III are SEBI’s three registration categories; each metric column group sums to the All AIFs column.
	Commitments raised	Funds raised	Investments made
31 March 2026	16,94,262	1,05,249	12,74,300	3,14,713	7,02,723	58,772	4,44,122	1,99,829	6,76,365	50,530	4,12,628	2,13,207
31 December 2025	15,74,050	97,988	11,64,118	3,11,944	6,78,729	57,679	4,24,964	1,96,086	6,45,026	47,316	3,84,169	2,13,541
30 September 2025	15,05,372	92,385	11,20,589	2,92,398	6,36,418	54,224	4,04,212	1,77,982	6,11,939	45,034	3,69,570	1,97,335
30 June 2025	14,17,961	90,571	10,78,208	2,49,182	5,91,383	51,014	3,79,662	1,60,707	5,72,246	44,344	3,48,423	1,79,479
31 March 2025	13,49,051	89,083	10,30,041	2,29,927	5,63,429	49,373	3,66,621	1,47,435	5,38,161	42,931	3,32,201	1,63,029
31 December 2024	13,05,179	84,862	10,02,672	2,17,645	5,27,284	46,845	3,50,774	1,29,665	5,06,176	40,578	3,19,760	1,45,838
30 September 2024	12,43,083	83,493	9,76,045	1,83,545	5,01,503	45,797	3,44,474	1,11,232	4,49,384	39,115	2,86,959	1,23,310
30 June 2024	11,34,900	76,865	9,12,903	1,45,132	4,51,967	40,790	3,21,227	89,950	4,07,046	32,522	2,76,033	98,491
31 December 2023	9,54,397	68,779	7,82,116	1,03,503	3,88,537	31,437	2,85,351	71,749	3,53,352	25,758	2,48,908	78,687
30 June 2023	8,44,926	63,736	6,96,132	85,058	3,74,126	29,402	2,70,241	74,483	3,50,306	24,976	2,52,831	72,500
31 March 2023	8,33,774	58,929	6,93,945	80,900	3,65,609	28,283	2,66,296	71,030	3,37,983	24,013	2,42,915	71,055
31 December 2022	7,02,737	60,580	5,68,712	73,445	3,34,669	30,655	2,39,168	64,846	3,07,845	26,455	2,18,214	63,176
30 June 2022	6,94,521	58,120	5,61,920	74,481	3,38,990	32,413	2,40,312	66,264	3,11,343	25,783	2,20,406	65,155
31 March 2022	6,41,359	53,374	5,19,189	68,796	3,13,863	29,000	2,23,457	61,406	2,84,059	23,798	1,99,452	60,809
31 December 2021	5,35,008	48,394	4,28,661	57,953	2,69,844	27,224	1,92,264	50,356	2,44,407	21,275	1,72,265	50,867
30 June 2021	4,87,185	45,667	3,90,875	50,643	2,43,739	25,556	1,72,191	45,993	2,17,139	20,084	1,52,951	44,105
31 March 2021	4,51,216	44,560	3,56,627	50,030	2,30,015	24,370	1,61,973	43,672	2,00,484	18,612	1,40,114	41,758

When these 1,990 funds registered

Every fund on SEBI’s register carries the financial year it was registered in, inside its registration number. Counted that way, the register is a picture of how fast the industry has been forming. Category II — the private equity and private credit funds — is most of it.

Alternative Investment Funds on SEBI’s register, counted by the financial year in which they were registered. FY 12-13 brought 25; FY 25-26, the largest completed year, brought 346. FY 26-27 is drawn hatched because it is still in progress. Every bar links to the funds registered that year. This counts funds on the register today, so a fund that has since left it is not here and the earlier years are a floor rather than a total. Source: SEBI’s public register of Alternative Investment Funds.

SEBI-registered Alternative Investment Funds by financial year of registration and category. Counts funds on the register as at the latest ingest, not funds ever registered.
Financial year	Category I	Category II	Category III	All funds
26-27in progress	15	118	50	183
25-26	64	182	100	346
24-25	44	144	95	283
23-24	42	123	49	214
22-23	45	124	34	203
21-22	26	94	28	148
20-21	13	53	15	81
19-20	21	54	20	95
18-19	22	63	30	115
17-18	16	51	21	88
16-17	22	43	15	80
15-16	28	28	5	61
14-15	8	16	5	29
13-14	13	20	6	39
12-13	7	14	4	25
All years	386	1,127	477	1,990

Where the money goes

The sectors Indian AIFs have invested in

This is not performance and does not imply it. It is where the industry has put its money, by sector, on SEBI’s own numbers — the only sector breakdown SEBI publishes, and the only one of its quarterly breakdowns that adds up to the total it sits beside.

Quarter ending

Real estate1,28,93719.1%
Financial services65,5899.7%
IT and ITeS39,3835.8%
NBFCs33,4564.9%
Banks28,2734.2%
Pharmaceuticals21,5713.2%
Healthcare providers and services17,0112.5%
Insurance15,0452.2%
Automobiles14,2532.1%
Other sectors3,12,84746.3%

Investments made by SEBI-registered Alternative Investment Funds, by sector, ₹ crore, as at 31 March 2026. The nine sectors are the nine SEBI named that quarter; everything outside them is the ₹3,12,847 crore in “other sectors”, which is 46% of the ₹6,76,365 crore total. Which nine get named changes from quarter to quarter, so a sector missing from one is inside that residual, not at zero. The largest named sector this quarter is Real estate. Source: SEBI AIF activity statistics.

Investments made by sector, ₹ crore, every quarter SEBI has published the breakdown. An em dash means SEBI did not name that sector that quarter, so its investments are inside “other sectors” — it does not mean zero.
Sector	Mar 2026	Dec 2025	Sept 2025	Jun 2025	Mar 2025	Dec 2024	Sept 2024	Jun 2024
Real estate	1,28,937	75,350	73,356	70,925	69,896	73,903	75,468	68,540
Financial services	65,589	59,480	51,388	45,927	27,223	26,807	25,782	21,394
IT and ITeS	39,383	38,805	35,997	34,211	34,553	30,279	27,815	24,935
NBFCs	33,456	31,672	30,748	29,167	25,564	21,929	21,503	19,230
Banks	28,273	27,691	25,287	24,024	23,793	21,273	18,242	17,769
Pharmaceuticals	21,571	22,317	22,581	22,705	21,212	18,309	17,272	14,004
Healthcare providers and services	17,011	15,040	14,228	13,832	12,582	—	—	—
Insurance	15,045	15,204	15,062	13,041	11,605	11,550	—	—
Automobiles	14,253	13,875	12,913	—	—	—	—	—
FMCG	—	—	—	—	11,470	11,433	11,680	11,163
Retail	—	—	—	—	—	—	11,379	10,594
Renewable energy	—	—	—	11,815	—	12,743	10,672	10,417
Other sectors	3,12,847	3,45,592	3,30,379	3,06,599	3,00,263	2,77,970	2,29,571	2,09,000
Total investments made	6,76,365	6,45,026	6,11,939	5,72,246	5,38,161	5,06,196	4,49,384	4,07,046

Browse

SEBI’s three categories

The category a fund is registered in determines what it may invest in and whether it may use leverage. It is a structural fact, not a rating.

Half the industry has one postcode

Every city →

SEBI-registered Alternative Investment Funds by the city in their registered address, out of 1,990 on the register. The address is SEBI’s own string; the city is parsed from it, and the 79 it could not be parsed from are shown rather than dropped. Source: SEBI’s public register.
City	Funds	Share
Mumbai	988	49.6%
Bengaluru	269	13.5%
New Delhi	249	12.5%
Gurugram	82	4.1%
Ahmedabad	75	3.8%
Chennai	53	2.7%
Hyderabad	51	2.6%
Kolkata	23	1.2%
Pune	20	1.0%
Jaipur	13	0.7%
34 other cities	88	4.4%
No city parsed	79	4.0%

The latest quarter

The industry, by SEBI’s own numbers

These are industry aggregates. SEBI does not publish, and this site does not estimate, the assets or the returns of any individual fund.

Alternative Investment Fund activity in India, ₹ crore, as at 31 March 2026. Source: SEBI AIF activity statistics.
Metric	Category I	Category II	Category III	All AIFs
Commitments raised	1,05,249	12,74,300	3,14,713	16,94,262
Funds raised	58,772	4,44,122	1,99,829	7,02,723
Investments made	50,530	4,12,628	2,13,207	6,76,365

Beside the totals

The narrower columns SEBI publishes

Alongside each headline figure SEBI reports a set of narrower ones: how much came from domestic and from foreign investors, how much went into listed and into unlisted securities, what instruments were bought, and what reached startups and MSMEs. They are cross-cutting classifications of the same book rather than a division of it, so they are charted as levels and never as shares, and each panel has its own scale.

Reported columns

From domestic investors

₹5,23,366 crore

2,83,765 · 30 June 202431 March 2026

From foreign investors

₹2,235 crore

18,426 · 30 June 202431 March 2026

SEBI reports funds raised from domestic and from foreign investors, reported separately alongside the total, for all AIFs, ₹ crore, by quarter. Each panel has its own scale. These columns do not add up to the metric they sit beside, and are not drawn as shares of it. At 31 March 2026 they total ₹5,25,601 crore against SEBI’s own ₹7,02,723 crore for the same quarter, a gap of -25.2%. They are cross-cutting classifications of one book rather than a division of it — a listed equity holding is counted in the listed column and in the equity column both. Source: SEBI AIF activity statistics.

Where the money came from — funds raised from domestic and from foreign investors, reported separately alongside the total, ₹ crore. These columns are cross-cutting classifications reported beside funds raised; they do not sum to it and are not shares of it.
Quarter ending	From domestic investors	From foreign investors	From domestic investors	From foreign investors	From domestic investors	From foreign investors	From domestic investors	From foreign investors
	All AIFs		Category I		Category II		Category III
31 March 2026	5,23,366	2,235	44,890	4	2,75,771	2,154	2,02,705	77
31 December 2025	5,12,007	1,196	45,434	4	2,59,480	1,116	2,07,093	76
30 September 2025	4,74,127	1,410	42,006	4	2,42,317	1,339	1,89,804	67
30 June 2025	4,37,571	2,139	37,548	—	2,26,288	2,081	1,73,735	58
31 March 2025	4,08,302	1,160	35,829	—	2,17,730	1,087	1,54,743	73
31 December 2024	3,73,480	6,639	33,475	—	2,01,985	6,475	1,38,020	164
30 September 2024	3,37,526	10,964	31,859	1	1,87,656	10,928	1,18,011	35
30 June 2024	2,83,765	18,426	27,700	2	1,63,469	18,378	92,596	46

Listed or unlisted — investments in listed securities and in unlisted securities, ₹ crore. These columns are cross-cutting classifications reported beside investments made; they do not sum to it and are not shares of it.
Quarter ending	In unlisted securities	In listed securities	In unlisted securities	In listed securities	In unlisted securities	In listed securities	In unlisted securities	In listed securities
	All AIFs		Category I		Category II		Category III
31 March 2026	4,74,817	2,22,033	46,770	3,267	4,18,251	47,362	9,796	1,71,404
31 December 2025	3,91,692	2,13,392	45,191	3,152	3,37,064	41,209	9,437	1,69,031
30 September 2025	3,76,039	1,98,950	42,831	3,031	3,25,231	36,343	7,977	1,59,576
30 June 2025	3,51,670	1,83,251	38,911	2,457	3,05,943	33,673	6,816	1,47,121
31 March 2025	3,26,803	1,52,500	35,317	724	2,84,832	32,557	6,654	1,19,219
31 December 2024	3,11,988	1,52,068	35,317	298	2,73,164	32,552	3,507	1,19,219
30 September 2024	3,05,946	1,33,934	33,267	2,064	2,68,381	28,608	4,298	1,03,262
30 June 2024	2,96,530	1,07,524	27,571	249	2,63,103	22,413	5,856	84,862

What was bought — investments by instrument type, ₹ crore. These columns are cross-cutting classifications reported beside investments made; they do not sum to it and are not shares of it.
Quarter ending	Equity and equity-linked	Debt securities	Units of other AIFs	Security receipts	Equity and equity-linked	Debt securities	Units of other AIFs	Security receipts	Equity and equity-linked	Debt securities	Units of other AIFs	Security receipts	Equity and equity-linked	Debt securities	Units of other AIFs	Security receipts
	All AIFs				Category I				Category II				Category III
31 March 2026	4,97,302	1,54,497	54,394	6,344	39,876	6,154	148	3,095	2,87,338	1,44,162	18,319	3,249	1,70,088	4,181	35,927	—
31 December 2025	4,18,365	1,40,897	49,253	5,136	39,386	6,215	198	2,042	2,11,071	1,32,423	17,021	3,094	1,67,908	2,259	32,034	—
30 September 2025	3,94,224	1,37,098	42,272	3,002	38,659	5,677	199	672	1,98,240	1,29,169	15,890	2,330	1,57,325	2,252	26,183	—
30 June 2025	3,63,473	1,32,312	35,297	4,066	34,205	4,671	298	1,455	1,84,729	1,24,702	14,155	2,606	1,44,539	2,939	20,844	5
31 March 2025	3,50,352	1,18,629	27,558	2,434	33,669	1,146	442	309	1,81,766	1,14,728	13,843	2,120	1,34,917	2,755	13,273	5
31 December 2024	3,25,664	1,18,971	22,999	3,368	32,656	1,074	443	1,264	1,75,369	1,14,455	13,354	2,099	1,17,639	3,442	9,202	5
30 September 2024	3,01,237	1,18,490	14,896	2,701	31,566	3,013	444	1,264	1,67,740	1,12,461	12,561	1,422	1,01,931	3,016	1,891	15
30 June 2024	2,55,912	1,16,382	12,616	2,042	24,646	1,549	428	1,052	1,50,163	1,09,099	10,332	2,027	81,103	5,734	1,856	15

Startups and MSMEs — investments into startups and into micro, small and medium enterprises — a small, separately reported slice of the book, not a division of it, ₹ crore. These columns are cross-cutting classifications reported beside investments made; they do not sum to it and are not shares of it.
Quarter ending	Into startups	Into micro enterprises	Into small enterprises	Into medium enterprises	Into startups	Into micro enterprises	Into small enterprises	Into medium enterprises	Into startups	Into micro enterprises	Into small enterprises	Into medium enterprises
	All AIFs				Category I				Category II
31 March 2026	20,029	1,264	1,186	652	7,028	418	297	302	13,001	846	889	350
31 December 2025	20,542	943	1,010	691	7,897	377	169	391	12,645	566	841	300
30 September 2025	20,205	790	867	682	7,777	336	169	378	12,428	454	698	304
30 June 2025	20,266	617	460	600	8,714	285	123	378	11,552	300	337	222
31 March 2025	19,610	662	227	606	8,695	176	122	316	10,915	486	105	290
31 December 2024	17,512	477	206	425	7,964	79	123	210	9,548	398	83	215
30 September 2024	16,909	450	209	399	7,672	78	134	188	9,237	372	75	211
30 June 2024	16,095	399	245	443	6,944	53	129	84	9,151	346	116	359

The position

There are no returns on this site, and there is a reason

Why doesn’t this site publish AIF returns?

Indian AIF performance is not published fund by fund. SEBI does mandate benchmarking — every AIF reports scheme-wise valuation and cash-flow data to an appointed agency — but that data is reported under confidentiality, and only category-level benchmarks are published, sold commercially by CRISIL, NSE Indices and Preqin. A fund’s own returns sit in its private placement memorandum. This site publishes no per-fund return, NAV or IRR.

How many Alternative Investment Funds are registered with SEBI?

SEBI’s public register lists 1,990 Alternative Investment Funds in India: 386 in Category I, 1,127 in Category II and 477 in Category III. Across all three categories, AIFs had raised ₹16,94,262 crore in commitments as at 31 March 2026.

What an Alternative Investment Fund actually is →