Explore Crisil, a company of S&P GlobalFormerly known as Market Intelligence & Analytics
Formerly known as Market Intelligence & Analytics
Alternate Investment Funds Benchmarks
Crisil is the pioneer in benchmarks for the alternative investment funds (AIFs) industry in India.
Our benchmarks cover all the three broad categories of AIFs – Category I, II and III – and provide investors with a metric to compare an AIF’s performance with the category average.
The benchmarks have been developed taking into consideration various facets of the industry and are on a par with global performance metrics.
For categories I and II, our AIF benchmarks use aspects such as pooled internal rate of return (IRR), investment multiples and ratios such as distribution to paid-in capital (DPI), residual value to paid-in capital (RVPI), and total value to paid-in capital (TVPI). We also provide benchmarks based on vintage years to bring in uniformity in the comparison of funds with similar first close timeline.
Further, we calculate the public market equivalent (PME+) for Category I and II to compare the performance of the benchmarks with public market indices.
For Category III, we have created an asset-weighted index using quarterly returns and the respective assets under management. We have considered only those vintage years when at least three schemes were available.
Crisil has also created 16 sub-category benchmarks across Categories I, II, and III.
Category I
Category II
Category III
The sub-category benchmarks add further granularity to the AIF benchmarks and enable like-for-like comparison.
For all category and sub-category benchmarks, returns are calculated on post-expense, pre-carry, and pre-tax basis, and in rupees as well as US dollar.
| Total schemes | |||||
Values as on March 31, 2025
DPI: Distributions to paid-in capital, RVPI: Residual Value to paid-in capital, TVPI: Total Value to paid-in capital
Schemes that have completed at least one year since their first close as on March 31, 2025, have been considered
Returns and ratios refer to post-expense, pre-carry, pre-tax values
Only those vintage years have been considered that have at least 3 schemes available.
FY denotes financial year; for example, FY14 refers to period between April 2013 and March 2014
The total of DPI and RVPI may not add up to the TVPI number because of rounding off
| Total schemes | |||||
Values as on March 31, 2025
DPI: Distributions to paid-in capital, RVPI: Residual Value to paid-in capital, TVPI: Total Value to paid-in capital
Schemes that have completed at least one year since their first close as on March 31, 2025, have been considered
Returns and ratios refer to post-expense, pre-carry, pre-tax values
Only those vintage years have been considered that have at least 3 schemes available.
FY denotes financial year; for example, FY14 refers to period between April 2013 and March 2014
The total of DPI and RVPI may not add up to the TVPI number because of rounding off
| Total schemes | |||||
Values as on March 31, 2025
DPI: Distributions to paid-in capital, RVPI: Residual Value to paid-in capital, TVPI: Total Value to paid-in capital
Schemes that have completed at least one year since their first close as on March 31, 2025, have been considered
Returns and ratios refer to post-expense, pre-carry, pre-tax values
Only those vintage years have been considered that have at least 3 schemes available.
FY denotes financial year; for example, FY14 refers to period between April 2013 and March 2014
The total of DPI and RVPI may not add up to the TVPI number because of rounding off
Values as on March 31, 2025
DPI: Distributions to paid-in capital, RVPI: Residual Value to paid-in capital, TVPI: Total Value to paid-in capital
Schemes that have completed at least one year since their first close as on March 31, 2025, have been considered
Returns and ratios refer to post-expense, pre-carry, pre-tax values
Only those vintage years have been considered that have at least 3 schemes available.
FY denotes financial year; for example, FY14 refers to period between April 2013 and March 2014
The total of DPI and RVPI may not add up to the TVPI number because of rounding off
Values as on March 31, 2025
Schemes that have completed at least one year since their first close as on March 31, 2025, have been considered. In all, 362 schemes have been considered for the above analysis
Returns refer to post-expense, pre-carry, pre-tax values. Returns for more than one year are annualised
^Since availability of at least three schemes, i.e., June 30, 2013
Each Crisil AIF Benchmark and Crisil AIF Benchmark Report (including, for the avoidance of doubt, its values) is the sole property of Crisil. Crisil shall, at all times, exclusively own any and all intellectual property rights in the Crisil AIF Benchmarks and Report. No Crisil AIF Benchmark and/ or Crisil AIF Benchmark Report may be copied, retransmitted or redistributed in any manner except for licensed usage agreed with Crisil. While Crisil uses reasonable care in computing the Crisil AIF Benchmarks and preparing the Report and bases its calculation on data that it considers reliable, Crisil does not warrant that any Crisil AIF Benchmark and Report is error-free, complete, adequate or without faults. Crisil explicitly states that it relies on the data received from the AIFs, on an ‘as is’ basis to prepare the Crisil AIF Benchmarks and Report. Crisil does not conduct any independent due diligence on the authenticity or accuracy thereof and disclaims any liability in this regard. Anyone accessing and/or using any part of the Crisil AIF Benchmarks and Report does so subject to the condition that: (a) Crisil is not responsible for any errors, omissions or faults with respect to any Crisil AIF Benchmarks and Report or for the results obtained from the use of any Crisil AIF Benchmarks and Report; (b) Crisil expressly excludes all liability arising from or relating to their use of any part of Crisil AIF Benchmarks and Report. |
Business Development
Dharmendra Sharma
Director
Business Development
+91 9818905544
dharmendra.sharma@crisil.com
Rashmi Unny
Associate Director
Business Development
+91 9821136 517
rashmi.unny@crisil.com
Ritesh Popat
Regional Manager
Business Development
+91 9769531211
+91 6361446455
ritesh.popat@crisil.com
Analytical
Bhushan Kedar
Director
Research - Capital Markets
+91 9967769538
bhushan.kedar@crisil.com
Niraj Agarwal
Associate Director
Funds Research
+91 9831624316
niraj.agarwal@crisil.com
