AIF commitments, quarter ending 31 March 2026
SEBI’s published figures for this quarter, reproduced as issued. Every number on this page is SEBI’s; where SEBI publishes a category subtotal it is used rather than a sum of its parts.
How large was India's AIF industry in the quarter ending 31 March 2026?
SEBI-registered Alternative Investment Funds had ₹16,94,262 crore in total commitments raised as at 31 March 2026. That is up 7.6% on the 31 December 2025 quarter. These are commitments and investments, not returns. SEBI publishes no comparable per-fund performance figure.
₹16,94,262 crore in total AIF commitments raised (SEBI, as at 31 March 2026)
By category
| Category | Commitments raised | Funds raised | Investments made |
|---|---|---|---|
| Category I | 1,05,249 | 58,772 | 50,530 |
| Category II | 12,74,300 | 4,44,122 | 4,12,628 |
| Category III | 3,14,713 | 1,99,829 | 2,13,207 |
| Total | 16,94,262 | 7,02,723 | 6,76,365 |
Category II supplied nine-tenths of the quarter's growth
Commentary, checked against source on 27 August 2026.
The industry added ₹1,20,212 crore of commitments in the three months to 31 March 2026, and ₹1,10,182 crore of that came from Category II. Nine-tenths of the growth, from the category that was already three-quarters of the book.
Category II now stands at ₹12,74,300 crore against ₹11,64,118 crore at 31 December 2025. A year earlier it was ₹10,30,041 crore, so it has grown 23.7% over four quarters while the industry grew 25.6%. The two rates are close because Category II is most of what is being measured.
Category III is the quarter's other story and it is a quiet one. Commitments moved from ₹3,11,944 crore to ₹3,14,713 crore, a rise of 0.9%. Investments made by Category III funds went the other way, from ₹2,13,541 crore to ₹2,13,207 crore. That is the only one of the nine category-and-metric pairs SEBI publishes that fell this quarter.
Category I crossed a lakh crore for the first time in the series SEBI publishes here, reaching ₹1,05,249 crore from ₹97,988 crore. It remains the smallest of the three at 6.2% of commitments, and it has risen in every quarter of that series but one.
Of the ₹6,76,365 crore invested across all categories, ₹4,97,302 crore is in equity and ₹1,54,497 crore in debt. ₹4,74,817 crore sits in unlisted securities against ₹2,22,033 crore listed. The listed exposure is concentrated in one place: ₹1,71,404 crore of that ₹2,22,033 crore is Category III, which is what Category III is for.
The sector split is the one breakdown SEBI publishes that is a genuine partition of the total, and it closes exactly: the ten sector lines sum to ₹6,76,365 crore. Real estate is ₹1,28,937 crore of it. Startups, reported separately from the sector lines, account for ₹20,029 crore.
Two cautions on reading any of this. The figures are commitments, funds raised and investments made, which describe the size and deployment of the industry and say nothing about what it returned. And SEBI's other reported breakdowns — domestic against foreign, the enterprise-size lines — are cross-cutting classifications of the same book rather than partitions of it, so they do not add to the total and should not be drawn as shares of one.
Source: SEBI data on AIF activities. Commitments and investments only. There is no public, standardised per-fund performance figure for Indian AIFs, and nothing on this page is one.