Intermediate
Practice Drills: Comparing Two AIF Category Structures
A hands-on drill course for experienced retail investors, HNIs and angel investors weighing their first or next AIF commitment. You take one sample one crore rupee commitment and run it through two illustrative funds: a close-ended Category II private credit fund and an open-ended Category III long-short fund. You read both term sheets side by side, compute management fees, a hurdle and catch-up waterfall and a high-water mark performance fee, map capital calls against NAV-based returns, stress-test leverage and redemption terms, work out pass-through versus fund-level taxation, and finish with a scored comparison and a one-page decision memo.
Alternative Investment FundsAIF Category II vs Category IIIDistribution WaterfallsAIF TaxationPrivate Market Due Diligence
MODULES
5
DURATION
~3 hrs
TRACK
Alternative Investing
What You'll Master
How to read two AIF private placement memorandums side by side and extract the terms that actually drive your outcome
How to compute management fees on committed versus invested capital and see what each basis costs you in rupees
How to run a distribution waterfall with a preferred return, GP catch-up and carried interest, step by step
How a high-water mark performance fee works for an open-ended Category III fund across up and down years
How capital calls, the J-curve and IRR compare with time-weighted NAV returns, and why the two are not directly comparable
How pass-through taxation of Category II differs from fund-level taxation of Category III, and how to build a post-tax comparison
How to score both structures against different investor profiles and write a clear one-page commitment memo
Access Level
LEARNER
Everything included
Full Text Playbooks
Actionable Exercises
Mobile Reading Mode
Lifetime Updates