Masterclass
Masterclass: Building a Multi Asset Alternative Investment Portfolio
A masterclass for serious Indian allocators who already understand individual alternative assets and now need to combine them. Instead of describing AIFs, REITs or pre-IPO shares one more time, this course treats alternatives as one portfolio problem: how much of a balance sheet they can absorb, how private equity, private credit, real assets and Category III strategies behave together, how commitment pacing and liquidity budgets stop an illiquid book from forcing a sale in a crisis, and how fees, tax and stale valuations quietly distort reported returns. Every framework is built on Indian vehicles, SEBI rules and rupee numbers, stress-tested against 2008, the 2018 NBFC crisis and March 2020, and closed with a full capstone that allocates an INR 100 crore portfolio across alternatives end to end.
Alternative InvestmentsPortfolio ConstructionPrivate EquityPrivate CreditReal AssetsCategory III AIFsCommitment PacingLiquidity Risk
MODULES
8
DURATION
~7 hrs
TRACK
Alternative Investing
What You'll Master
Size the alternatives budget for a given balance sheet using liquidity needs, income stability and drawdown tolerance rather than a generic percentage
Map every alternative sleeve to its underlying equity, credit, real asset and inflation exposures so diversification is real, not cosmetic
Build a private equity and venture programme across vintages that manages the J-curve instead of being surprised by it
Underwrite private credit managers on covenants, security and recovery so the yield survives a default cycle
Combine REITs, InvITs, direct property, gold and infrastructure into a real asset sleeve with a defined job
Judge Category III long-short, arbitrage and multi-strategy funds on what they actually diversify, net of fund-level tax
Model capital calls and distributions, set a liquidity budget, and stress-test the whole book against Indian crisis scenarios
Read IRR, TVPI, DPI and PME correctly, negotiate hurdles and waterfalls, and monitor an illiquid portfolio year after year
Access Level
PRO
Everything included
Full Text Playbooks
Actionable Exercises
Mobile Reading Mode
Lifetime Updates
Curriculum Breakdown
Chapter 1: The Case for Alternatives in an Indian Portfolio
3 Lessons▶
What Counts as an Alternative: The Indian Menu from AIFs to Unlisted Shares14 min read
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Why Alternatives Earn Their Place: Illiquidity Premium, Diversification and Access15 min read
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The Honest Downsides: Fees, Lock-Ins, Valuation Lag and the Volatility Illusion15 min read
Chapter 2: The Allocation Framework
4 Lessons🔒
Setting the Alternatives Budget: How Much a Balance Sheet Can Actually Absorb16 min read
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Risk Factors, Not Asset Labels: Mapping Alternatives to Equity, Credit, Real and Inflation Exposure16 min read
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Building Return and Risk Assumptions for Indian Alternatives16 min read
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The Allocation Grid: Combining Private Equity, Private Credit, Real Assets and Liquid Alternatives17 min read
Chapter 3: The Private Equity and Venture Sleeve
4 Lessons🔒
Category I and II AIFs, VC Funds and Direct Deals: Choosing the Vehicle15 min read
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The J-Curve and Vintage Diversification: Why You Commit Over Years, Not Once16 min read
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Manager Selection: Reading a PPM, the Track Record and the DPI Question16 min read
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Pre-IPO and Unlisted Shares: Where They Fit and Where They Do Not14 min read
Chapter 4: The Private Credit Sleeve
3 Lessons🔒
The Indian Private Credit Landscape: Performing Credit, Special Situations and Venture Debt15 min read
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Underwriting the Manager: Covenants, Security, Recovery and Concentration16 min read
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Yield Versus Loss: Building a Credit Sleeve That Survives a Default Cycle15 min read
Chapter 5: The Real Asset Sleeve
4 Lessons🔒
Listed REITs and InvITs: The Liquid Core of the Real Asset Sleeve15 min read
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Direct Property, Fractional Ownership and Real Estate AIFs15 min read
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Gold, Silver and Commodities: Inflation Hedge, Crisis Hedge or Neither15 min read
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Infrastructure and Renewable Energy Platforms for Large Allocators14 min read
Chapter 6: Liquid Alternatives and Hedge Fund Strategies
3 Lessons🔒
Category III AIFs: Long-Short, Market Neutral and the Fund-Level Tax Drag16 min read
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Arbitrage, Managed Futures and Multi-Strategy: What Diversifies and What Merely Looks Different15 min read
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Global Alternatives from India: LRS Limits, GIFT City Feeders and Currency Exposure15 min read
Chapter 7: Portfolio Construction, Liquidity and Risk
4 Lessons🔒
Commitment Pacing: Modelling Capital Calls and Distributions Across Vintages17 min read
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Liquidity Budgeting: Surviving a Drawdown Without a Forced Sale16 min read
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Measuring What You Own: IRR, TVPI, DPI, PME and Why Stale Marks Flatter You17 min read
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Stress Testing the Alternatives Book: 2008, the 2018 NBFC Crisis and March 202016 min read
Chapter 8: Implementation, Tax and Governance
4 Lessons🔒
Tax Across Sleeves: Pass-Through AIFs, Category III Fund-Level Tax, REIT and Gold Rules16 min read
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Fees and Terms: Hurdles, Catch-Ups, Waterfalls and How to Negotiate Them16 min read
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Monitoring, Reporting and Rebalancing an Illiquid Book14 min read
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Capstone: Building an INR 100 Crore Multi Asset Alternative Portfolio End to End20 min read