We missed this earlier: Privately managed provident, superannuation, and gratuity funds can now invest 5% of their corpus in alternative investment funds (AIFs) such as venture capital funds, SME funds, infrastructure funds, and so on. The Finance Ministry permitted this through a gazette notification dated March 15, stating that non-government provident funds and others will be allowed in AIFs (of Category I and Category II) that have a minimum corpus of Rs 100 crore. The amendment will likely provide a new source of capital for startups in the country. Under SEBI's AIF regulations 2012, Category I AIFs are infrastructure funds, SME funds, venture capital funds, and social venture capital funds. Angel funds are a sub-category of VC funds and can presumably be invested in. Debt funds are also a kind of Category I fund. Real estate funds, private equity funds, funds for…
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