AIF & Fund Management
A dedicated funds practice covering the entire AIF lifecycle — structuring and SEBI registration, ongoing compliance and valuation, fund audit, and investor reporting including waterfall and IRR computation. We also set up GIFT City IFSC funds.
AIF & Fund Management services
Fund Formation & Structuring
- Fund concept & structuring
- SEBI AIF registration
- PPM drafting & review
- Trust / LLP fund setup
- GIFT City (IFSC) fund setup
Compliance & SEBI Regulatory
- Ongoing SEBI filings & reporting
- Valuation (SEBI-prescribed norms)
- RTA & custodian coordination
- PPM audit (annual)
Audit, Taxation & Investor Reporting
- AIF audit (Cat I / II / III)
- Fund accounting
- Waterfall / IRR & carry computation
- Investor statements & capital accounts
- FATCA / CRS reporting
Fund Structuring & Documentation
- Contribution Agreement & IMA Drafting
- Co-Investment Agreement Structuring
- Carry & Waterfall Structure Design
- Hurdle Rate & Preferred Return Structure
- Manager / Sponsor Entity Setup
- Master-Feeder Fund Structure
- Side-Pocket Structure for Illiquid Assets
- ESG-Linked & Impact Investment Fund Structuring
- Family Investment Fund (FIF) under SEBI
- Angel Fund Setup under SEBI AIF
- Domestic AIF vs Offshore Fund Comparison
Offshore & GIFT City Funds
- Mauritius / Singapore / Cayman Offshore Fund Setup
- GIFT City AIF — Tax Exemption Structure
- Section 9A Safe Harbour for Offshore Fund Managers
Investor Onboarding & SEBI Compliance
- KYC & AML for Investors (PEPs / Offshore Investors)
- Beneficial Ownership Disclosure
- SEBI Inspection Preparation
- Material Change Approval from SEBI
- Side-Letter Review for Investors
- Fund Wind-Down & Dissolution Planning
Fund Audit, Valuation & Reporting
- AIF Valuation Policy Review & Compliance Audit
- AIF Distribution Waterfall Audit
- AIF Carried Interest Calculation Audit
- AIF Custodian Reconciliation
- IRR / MOIC / TVPI / DPI Calculation
- Performance Attribution Analysis
- Form 64C / Schedule Reporting to Investors
Fund Taxation
- AIF Tax Pass-Through (Cat I & II)
- AIF Cat III — Tax at Fund Level
- Tax on Carried Interest
Adjacent Registrations & Compliance
- FPI (Foreign Portfolio Investor) Setup & Compliance
- FVCI (Foreign Venture Capital Investor) Advisory
- PMS Setup (SEBI) & Compliance Calendar
- RIA (Registered Investment Adviser) Compliance
- Merchant Banker Compliance & Audit
Category I · II · III at a glance
Category I
VC, angel, SME, infrastructure & social-impact funds.
Pass-through; concessional treatment for some sub-types.
Category II
Private equity, private credit & real-estate funds.
Pass-through; no leverage except for operations.
Category III
Hedge & long-short funds using diverse strategies.
May use leverage; generally taxed at fund level.
Minimum investor commitment ₹1 crore; minimum scheme corpus ₹20 crore (₹10 crore for angel funds).
Take the next step with a free tool or guide
Practical, accurate resources from our aif & fund management team — built to give you a head start.
AIF Setup Checklist
Selected aif & fund management engagements
Anonymised outcomes; we never name clients.
ETR reduced by 8%
PharmaHow we restructured a pharma group's acquisition holding chain to optimise effective tax rate while staying fully FEMA- and treaty-compliant.
Illustrative · anonymised
APA in 18 months
TechnologyWe helped a captive technology services provider obtain an Advance Pricing Agreement, removing years of transfer-pricing uncertainty.
Illustrative · anonymised
AIF & Fund Management — frequently asked questions
Related practices
Speak to our AIF & Fund Management team
Category I/II/III AIF formation, SEBI compliance, fund audit & investor reporting.