Fund Management
Category II AIF
Fund Management Entities, AIFs, retail schemes and PMS
About this entity type
A very brief overview
GIFT IFSC replaces the traditional fund-plus-manager licensing with a single registration for the Fund Management Entity (FME). An Authorised FME can launch venture capital schemes; a Registered FME (Non-Retail) can launch restricted (Category I/II/III style) schemes and offer portfolio management; a Registered FME (Retail) can additionally launch retail schemes and ETFs. Schemes are then filed with IFSCA under the FME's registration.
Who it suits: Domestic and offshore fund managers, family offices, PE/VC sponsors, and PMS providers pooling global capital.
Applicable regulation
IFSCA (Fund Management) Regulations, 2025
FME categories, minimum net worth, key managerial personnel, scheme filing, investor eligibility, valuation and disclosure norms.
Official sourceIFSCA circulars on schemes and PMS
Operational circulars covering scheme documentation, co-investment, distribution and periodic reporting.
Official source
Registered entities
Entities registered under Category II AIF
127 entities on the IFSCA register. Live data from the IFSCA directory.
| Entity | Sub-category | Registration | Validity |
|---|---|---|---|
| 108 BioCapital Growth (GIFT CITY) Fund | Category II AIF | IFSC/AIF2/2026-27/040428 Jul 2026 | Perpetual / Not stated |
| 360 ONE Emerging Opportunities Fund | Category II AIF | IFSC/AIF2/2021-22/002729 Apr 2022 | Perpetual / Not stated |
| 360 ONE Global Real Assets Fund | Category II AIF | IFSC/AIF2/2025-26/027326 Jun 2025 | Perpetual / Not stated |
| 360 One International Opportunities Fund GIFT Feeder | Category II AIF | IFSC/AIF2/2024-25/016104 Sept 2024 | Perpetual / Not stated |
| 3PIM India Equity (IFSC) Fund | Category II AIF | IFSC/AIF2/2024-25/022510 Mar 2025 | Perpetual / Not stated |
| A91 Partners GIFT Investment Trust I | Category II AIF | IFSC/AIF2/2025-26/034613 Mar 2026 | Perpetual / Not stated |
| A91 Partners GIFT Trust II | Category II AIF | IFSC/AIF2/2021-22/000805 Oct 2021 | Perpetual / Not stated |
| A91 Partners GIFT Trust III | Category II AIF | IFSC/AIF2/2024-25/020723 Jan 2025 | Perpetual / Not stated |
| ABSL Global Emerging Market Equity Fund (IFSC) | Category II AIF | IFSC/AIF2/2023-24/005701 Jun 2023 | Perpetual / Not stated |
| Advantedge Founders GIFT Fund II | Category II AIF | IFSC/AIF2/2026-27/039821 Jul 2026 | Perpetual / Not stated |
| Aivot Capital Fund | Category II AIF | IFSC/AIF2/2023-24/006220 Jul 2023 | Perpetual / Not stated |
| Alpha Alternatives Offshore Credit Opportunities Fund | Category II AIF | IFSC/AIF2/2025-26/032513 Jan 2026 | Perpetual / Not stated |
| Alpha Alternatives Special Situations Offshore Fund | Category II AIF | IFSC/AIF2/2023-24/010324 Jan 2024 | Perpetual / Not stated |
| Artha Bharat Opportunity Fund I | Category II AIF | IFSC/AIF2/2024-25/022407 Mar 2025 | Perpetual / Not stated |
| Ashoka WhiteOak Capital India Opportunities GIFT Fund | Category II AIF | —— | Perpetual / Not stated |
Timeline & approach
How we take Category II AIF from plan to authorisation
Step 1
Eligibility & structure
Week 1
We map your activity to the right IFSCA category and sub-category, confirm net worth, KMP and shareholding eligibility, and fix the holding structure.
Step 2
SEZ unit approval
Weeks 2–4
Unit application to the Development Commissioner, Letter of Approval, office space lease and NDC/customs registrations.
Step 3
IFSCA application
Weeks 3–8
Application, business plan, policies (AML/CFT, risk, outsourcing, cyber), KMP profiles and query resolution until in-principle approval.
Step 4
Go-live & compliance calendar
Weeks 8–14
Bank account, systems, statutory registrations, commencement intimation and handover to a live obligation calendar in your Gateway portal.
Indicative cost
USD 7,000 – 16,000 for FME registration + per-scheme filing
Retail FME mandates are higher; scheme filings are quoted per scheme. Regulator fees at actuals.
Why GIFT City Gateway
Why sponsors pick us for this
Category specialists
We work only on GIFT IFSC mandates — the regulation, the reviewer questions and the SEZ process are our daily work.
One accountable owner
A named Gateway lead runs your application end to end, not a rotating coordinator queue.
Live intelligence
We track every authorised entity in this category, so your structure is benchmarked against real precedents.
Setup to steady state
Registration hands over into a live compliance calendar in your client portal — no gap after go-live.
Next step
Tell us what you need for Category II AIF
Share your plan and we respond with the eligibility read, the document list, the indicative timeline and a fee.
- • Eligibility and net-worth check against the applicable regulation
- • Structure options (branch vs subsidiary, holding jurisdiction)
- • Week-by-week plan across SEZ and IFSCA
- • Fixed-fee proposal with the compliance calendar that follows
Lead details