Why AIF performance is not public

What is Why AIF performance is not public in an Indian AIF?

Indian AIF performance is not public fund by fund, but it is not unmeasured either. Chapter 22 of SEBI’s Master Circular for AIFs makes benchmarking mandatory: every AIF, for each scheme more than a year past its first close, must report scheme-wise valuation and cash-flow data half-yearly to a benchmarking agency appointed by an industry association. IVCA has appointed CRISIL, NSE Indices and Preqin. The agreement covering that data governs confidentiality, and what reaches the public is category and sub-category benchmarks, computed post-expense, pre-carry and pre-tax: SEBI requires the industry benchmarks to be disseminated in a manner accessible to the public, and headline tables are free on the agencies’ websites, while the full Benchmark Report is supplied on request. A fund’s own performance-versus-benchmark report must accompany any past performance it shows in its private placement memorandum or in any marketing material, which means prospective and current investors see it and nobody else does. Angel funds report to the agencies too, from FY 2025-26. So standardised performance data exists; comparable per-fund NAV, IRR or returns are simply not published. Source: SEBI Master Circular for AIFs of 3 June 2026, Chapter 22, originally circular SEBI/HO/IMD/DF6/CIR/P/2020/24 dated 5 February 2020.