Question
The Securities & Exchange Board of India (SEBI) has
asked the custodians of AIFs to state the names of investee companies, quantum of each investment, investible surplus on the day of the investment, and whether the investee company is an ‘associate’ of the fund, among other things.Also, Category I and II AIFs can invest up to ______ of their investible funds in a single entity.Solution
The Securities & Exchange Board of India (SEBI) has asked the custodians of AIFs to state the names of investee companies, quantum of each investment, investible surplus on the day of the investment, and whether the investee company is an ‘associate’ of the fund, among other things. Category I and II AIFs — VC, infrastructure, real estate, PE and stressed asset funds — can invest up to 25% of their investible funds in a single entity. Investible funds refers to the scheme corpus net of expenditure for administration and management.The corresponding limit is 10% for Category III AIFs, which can leverage and take exposure to derivatives. A fund has to take approval of 75% of the investors for putting money in an ‘associate entity’ where there is a conflict of interest. An associate enterprise is a company or a limited liability partnership in which a director/trustee/partner/sponsor/manager of the AIF or a director/partner of the manager/sponsor holds either
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