Considering the rising importance of AIFs as an asset class for investors, NSE Indices Ltd. (appointed by IVCA as one of the benchmarking agencies) has created a suite of benchmark indices to measure returns across various Categories of AIFs. The Nifty Alternative Investment Fund (AIF) Benchmark Report aims to provide the users insights into the aggregate historical performance of various categories of AIFs in India. This increased transparency will benefit investors and facilitate comparison of AIFs with their peers and with public market equivalents, where applicable
NSE Indices also launched its First ever sub–category level report for the period ended 31st March 2022, which features a host of finely curated sub-category indices to enable a more nuanced benchmarking of AIF performances.
We have now published the fourth iteration of the sub-category report for the period ended September 30, 2023.
Performance Highlights – September 2023
CATEGORY I
| Vintage Year |
Scheme Count |
INR |
USD |
| Pooled XIRR (%) |
Pooled DPI |
Pooled RVPI |
Pooled TVPI |
Pooled XIRR (%) |
Pooled DPI |
Pooled RVPI |
Pooled TVPI |
| FY 2014 |
5 |
11.46% |
1.19 |
0.64 |
1.84 |
7.77% |
1.01 |
0.51 |
1.52 |
| FY 2015 |
6 |
9.00% |
0.98 |
0.67 |
1.65 |
6.06% |
0.88 |
0.52 |
1.40 |
| FY 2016 |
15 |
25.18% |
0.58 |
2.75 |
3.33 |
21.10% |
0.52 |
2.27 |
2.79 |
| FY 2017 |
11 |
32.12% |
0.35 |
2.50 |
2.84 |
27.12% |
0.32 |
2.16 |
2.48 |
| FY 2018 |
9 |
25.17% |
0.39 |
1.54 |
1.93 |
20.46% |
0.37 |
1.37 |
1.73 |
| FY 2019 |
12 |
30.88% |
0.05 |
2.25 |
2.30 |
25.85% |
0.05 |
2.00 |
2.04 |
| FY 2020 |
15 |
27.07% |
0.05 |
1.67 |
1.72 |
21.49% |
0.04 |
1.51 |
1.56 |
| FY 2021 |
4 |
25.41% |
0.02 |
1.50 |
1.52 |
19.38% |
0.01 |
1.38 |
1.39 |
| FY 2022 |
6 |
10.85% |
0.01 |
1.10 |
1.11 |
5.44% |
0.01 |
1.05 |
1.06 |
| FY 2023 |
8 |
-17.91% |
0.00 |
0.83 |
0.83 |
-20.74% |
0.00 |
0.80 |
0.80 |
| Total Schemes |
91 |
|
|
|
|
|
|
|
|
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Data as of 30th September 2023; Returns and multiples are calculated on a post-expenses, pre-carry, and pre-tax basis.
DPI: Distributions to paid-in capital, RVPI: Residual Value to paid-in capital, TVPI: Total Value to paid-in capital
Benchmark metrics are published starting from that vintage year in which at least 2 schemes are available.
RBI reference rates are used for calculation of metrics in USD terms.
Please refer the full report for complete scheme eligibility criteria and number of schemes excluded from calculation of above benchmarks
|
CATEGORY II
| Vintage Year |
Scheme Count |
INR |
USD |
| Pooled XIRR (%) |
Pooled DPI |
Pooled RVPI |
Pooled TVPI |
Pooled XIRR (%) |
Pooled DPI |
Pooled RVPI |
Pooled TVPI |
| FY 2014 |
12 |
10.76% |
1.21 |
0.08 |
1.28 |
7.97% |
1.14 |
0.06 |
1.20 |
| FY 2015 |
8 |
6.63% |
0.83 |
0.49 |
1.33 |
3.49% |
0.77 |
0.39 |
1.16 |
| FY 2016 |
15 |
15.32% |
0.77 |
1.06 |
1.82 |
11.79% |
0.72 |
0.87 |
1.59 |
| FY 2017 |
35 |
12.70% |
0.70 |
0.82 |
1.52 |
8.68% |
0.65 |
0.68 |
1.33 |
| FY 2018 |
43 |
16.37% |
0.63 |
1.04 |
1.67 |
11.92% |
0.58 |
0.88 |
1.46 |
| FY 2019 |
55 |
23.05% |
0.47 |
1.16 |
1.63 |
18.36% |
0.45 |
1.04 |
1.49 |
| FY 2020 |
53 |
16.33% |
0.46 |
0.87 |
1.32 |
11.59% |
0.44 |
0.78 |
1.23 |
| FY 2021 |
36 |
14.50% |
0.55 |
0.67 |
1.21 |
9.41% |
0.53 |
0.61 |
1.14 |
| FY 2022 |
90 |
10.36% |
0.15 |
0.97 |
1.13 |
4.80% |
0.15 |
0.91 |
1.06 |
| FY 2023 |
38 |
1.55% |
0.13 |
0.88 |
1.01 |
-1.55% |
0.13 |
0.86 |
0.99 |
| Total Schemes |
385 |
|
|
|
|
|
|
|
|
|
Data as of 30th September 2023; Returns and multiples are calculated on a post-expenses, pre-carry, and pre-tax basis.
DPI: Distributions to paid-in capital, RVPI: Residual Value to paid-in capital, TVPI: Total Value to paid-in capital
Benchmark metrics are published starting from that vintage year in which at least 2 schemes are available.
RBI reference rates are used for calculation of metrics in USD terms.
Please refer the full report for complete scheme eligibility criteria and number of schemes excluded from calculation of above benchmarks
|
CATEGORY III
| Period |
Benchmark Returns |
Public Market Indices Returns (INR) |
| Asset Weighted INR |
Asset Weighted USD |
NIFTY 50 TR |
NIFTY TOTAL MARKET TR |
NIFTY COMPOSITE DEBT TR |
| Since Inception* |
14.71% |
11.54% |
14.47% |
16.33% |
8.15% |
| 5 Years |
13.15% |
10.13% |
13.77% |
15.14% |
8.02% |
| 3 Years |
20.18% |
15.54% |
21.87% |
24.73% |
5.15% |
| 2 Years |
6.97% |
1.14% |
6.85% |
8.84% |
4.47% |
| 1 Year |
15.02% |
12.93% |
16.06% |
18.52% |
7.58% |
|
Data as of 30th September 2023; Total schemes considered for above analysis – 228
Returns are calculated on a post-expenses, pre-carry, and pre-tax basis.
RBI reference rates are used for calculation of metrics in USD terms.
*Indices have been created from the quarter in which at least three schemes were available i.e., September 2013
Please refer the full report for details of complete scheme eligibility criteria and number of schemes excluded from calculation of above benchmarks
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