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SEBI vide notification No. SEBI/LAD-NRO/GN/2025/274 dated 18.11.2025, has notified the SEBI (Alternative Investment Funds) (Third Amendment) Regulations, 2025 ("AIF Amendment Regulations")1 to amend the SEBI (Alternative Investment Funds) Regulations, 2012 ("AIF Regulations").
The AIF Amendment Regulations introduce the following changes:
- A new definition of "Accredited Investors only fund" has been introduced which is defined as an Alternative Investment Fund ("AIF") or scheme where each investor (excluding the manager, sponsor, employees or directors) is an Accredited Investor. This term now includes what was previously known as "Large Value Fund For Accredited Investors".
- The minimum investment requirement for "Large Value Fund" has been reduced from INR 70 Crores to INR 25 Crores.
- AIFs or schemes launched prior to the AIF Amendment Regulations may be permitted to convert to "Accredited Investors only fund" or "Large Value Fund For Accredited Investors", subject to conditions specified by SEBI.
- Certain regulatory provisions related to diversification and concentration norms shall not apply to such funds. Further, Accredited Investors shall be excluded while computing the number of investors in an AIF scheme.
- For Accredited Investors only funds, the responsibilities and obligations typically assigned to trustees shall be carried out by the fund manager.
Footnote
1. SEBI Alternative Investment Funds (Third Amendment) Regulations, 2025.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
