Given the growing significance of Alternative Investment Funds (AIFs), NSE Indices Ltd (appointed by IVCA as one of the benchmarking agencies) has introduced a suite of benchmark indices to enhance transparency and enable better comparison of AIFs across Categories I, II, and III. These benchmarks help investors assess fund performance against relevant peers with similar investment and risk profiles. The sub-category level benchmarks would enable more accurate and like-for-like comparison for fund performances. This would allow investors to compare a fund’s performance with the most relevant set of peers that most closely fit the investment criteria and risk profile of the fund. Sub-category indices are a pool of schemes having homogeneous investment and risk characteristics.
NSE Indices launched its First ever report for the period ended 31st March 2021, and first ever sub-category level report for the period ended 31st March 2022.
NSE Indices Ltd has created 16 sub-categories across Category I, II and III
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Category I |
Category II |
Category III |
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We are pleased to present the latest edition of our Category level and Sub-Category level Nifty AIF Benchmark Report. These reports provide a detailed performance analysis across multiple AIF Categories, offering key insights for investors, fund managers, and stakeholders.
Performance Highlights – March 2025
CATEGORY I
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Vintage Year |
Scheme Count |
INR |
USD |
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Pooled XIRR (%) |
Pooled DPI |
Pooled RVPI |
Pooled TVPI |
Pooled XIRR (%) |
Pooled DPI |
Pooled RVPI |
Pooled TVPI |
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FY 2014 |
5 |
10.78% |
1.31 |
0.54 |
1.85 |
7.21% |
1.10 |
0.41 |
1.51 |
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FY 2015 |
7 |
6.82% |
1.18 |
0.31 |
1.49 |
4.02% |
1.03 |
0.23 |
1.26 |
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FY 2016 |
20 |
21.06% |
1.00 |
2.33 |
3.34 |
17.34% |
0.86 |
1.87 |
2.73 |
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FY 2017 |
10 |
27.92% |
0.74 |
3.09 |
3.84 |
23.68% |
0.65 |
2.56 |
3.21 |
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FY 2018 |
9 |
21.44% |
0.68 |
1.30 |
1.98 |
17.44% |
0.63 |
1.14 |
1.77 |
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FY 2019 |
10 |
25.86% |
0.11 |
2.65 |
2.76 |
21.74% |
0.10 |
2.30 |
2.39 |
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FY 2020 |
16 |
20.30% |
0.10 |
1.70 |
1.80 |
16.17% |
0.09 |
1.53 |
1.62 |
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FY 2021 |
5 |
16.94% |
0.06 |
1.51 |
1.57 |
12.86% |
0.05 |
1.37 |
1.42 |
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FY 2022 |
7 |
13.69% |
0.01 |
1.26 |
1.26 |
10.22% |
0.01 |
1.19 |
1.20 |
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FY 2023 |
16 |
12.67% |
0.05 |
1.13 |
1.17 |
10.12% |
0.05 |
1.09 |
1.14 |
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FY 2024 |
12 |
29.92% |
0.18 |
1.18 |
1.36 |
27.01% |
0.18 |
1.15 |
1.33 |
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Total Schemes |
117 |
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Data as of 31st March 2025; 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 |
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CATEGORY II
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Vintage Year |
Scheme Count |
INR |
USD |
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Pooled XIRR (%) |
Pooled DPI |
Pooled RVPI |
Pooled TVPI |
Pooled XIRR (%) |
Pooled DPI |
Pooled RVPI |
Pooled TVPI |
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FY 2014 |
10 |
7.45% |
1.13 |
0.15 |
1.28 |
4.69% |
1.05 |
0.11 |
1.16 |
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FY 2015 |
6 |
1.36% |
0.76 |
0.30 |
1.06 |
-1.26% |
0.72 |
0.23 |
0.95 |
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FY 2016 |
16 |
13.08% |
1.04 |
0.79 |
1.84 |
9.84% |
0.94 |
0.63 |
1.58 |
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FY 2017 |
32 |
12.29% |
0.90 |
0.71 |
1.61 |
8.57% |
0.82 |
0.57 |
1.39 |
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FY 2018 |
41 |
15.64% |
0.85 |
0.93 |
1.78 |
11.62% |
0.77 |
0.78 |
1.55 |
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FY 2019 |
56 |
17.11% |
0.62 |
0.97 |
1.60 |
13.22% |
0.59 |
0.86 |
1.45 |
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FY 2020 |
51 |
12.18% |
0.55 |
0.72 |
1.28 |
8.46% |
0.54 |
0.65 |
1.19 |
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FY 2021 |
34 |
15.91% |
0.75 |
0.60 |
1.35 |
11.78% |
0.72 |
0.53 |
1.25 |
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FY 2022 |
85 |
11.84% |
0.33 |
0.93 |
1.26 |
7.99% |
0.31 |
0.86 |
1.17 |
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FY 2023 |
100 |
14.52% |
0.20 |
1.00 |
1.20 |
11.92% |
0.19 |
0.97 |
1.16 |
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FY 2024 |
94 |
16.70% |
0.23 |
0.89 |
1.11 |
14.07% |
0.23 |
0.87 |
1.10 |
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Total Schemes |
525 |
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Data as of 31st March 2025; 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 |
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CATEGORY III
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Period |
Benchmark Returns |
Public Market Indices Returns (INR) |
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Asset Weighted INR |
Asset Weighted USD |
Nifty 50 TR |
Nifty Total Market TR |
Nifty Composite Debt TR |
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Since Inception* |
14.54% |
11.49% |
14.40% |
16.29% |
8.21% |
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5 Years |
22.08% |
19.03% |
23.69% |
26.72% |
6.86% |
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3 Years |
12.47% |
8.01% |
11.75% |
14.23% |
6.87% |
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2 Years |
20.13% |
17.74% |
17.79% |
22.78% |
8.46% |
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1 Year |
9.80% |
6.97% |
6.65% |
6.46% |
8.63% |
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Data as of 31st March 2025; Total schemes considered for above analysis – 307 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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Form:
Updated on: 24/12/2025
