PMS & AIFs
PMS and AIFs, explained.
Two ways to go beyond mutual funds. A PMS keeps the shares in your own name. An AIF gives access to private markets.
For education only. Not investment advice, an offer or a solicitation.
Most people start with mutual funds. Past a certain size, two other tools open up. A PMS manages stocks individually for you, in your own name. An AIF pools money into private opportunities the public market cannot reach.
Your portfolio, in your name
Chosen and managed by a SEBI-registered portfolio manager, held in a demat account in your name. The minimum is ₹50 lakh, set by SEBI.
Set the mandate
We agree the objective, the risk you will accept and any constraints.
Your own account
Stocks are held in a demat account in your name, not as pooled units.
The manager runs it
A SEBI-registered manager makes the calls to your mandate.
You see everything
Holding-by-holding reporting, whenever you want it.
PMS or mutual fund?
Pooled and open to all
- Pooled with thousands of others
- You own units, not the shares
- From ₹500
- One strategy for every holder
- Liquid, priced once a day
Individual and tailored
- Managed individually for you
- You own the shares, in your name
- Minimum ₹50 lakh, set by SEBI
- Can be tailored; usually more concentrated
- Less liquid; fees and results vary
Private markets, for years
A privately pooled fund that invests in pre-IPO companies, private equity, private credit or special strategies. Minimum ₹1 crore. You trade day-to-day liquidity for access.
Illustrative only. This shape is known as the J-curve. Capital is committed for years with no assured exit, and value early on is on paper, not yet realised.
Commit
You commit capital. The fund draws it down as it finds deals.
Invest
The manager builds a concentrated portfolio of private or pre-IPO companies.
Grow
Those companies scale, away from daily market noise.
Exit
Through an IPO or a sale. An IPO is a milestone, not always the exit.
Early and impact
Start-ups, infrastructure, social and venture funds.
Private markets
Private equity, pre-IPO and private credit. The most common for HNI portfolios.
Active strategies
Hedge-fund-style funds using long-short and complex public-market strategies.
What you are trading for access
Less liquidity, more reliance on the manager
You commit a larger sum. An AIF locks money away for years. Your outcome leans on the manager’s skill, and portfolios are more concentrated, so they can move more than a diversified fund.
By conversation, a wide range
We do not push one in-house product. We share what is available, read each track record honestly, the bad years too, and walk through fees, lock-ins and risks first. Specifics are shared privately, on request.
The numbers
- PMS minimum
- ₹50 lakh
- AIF minimum
- ₹1 crore
- You own
- Shares / fund units
- Channel
- BrokerBriefs ยท APRN09233
Who it is for: investors with a core already built, who can meet the minimums and stay through a full cycle.
Want it walked through?
Specific strategies and funds are shared one to one.
PMS and AIF investments carry market risk and are subject to SEBI-mandated minimums (₹50 lakh for PMS, ₹1 crore for AIFs). They are less liquid than mutual funds, can be concentrated, and depend on the manager; AIFs typically lock in capital for several years with no assured exit. There are no guaranteed or assured returns. Past performance is not indicative of future results. BrokerBriefs is a distributor of financial products, not the portfolio manager and not a SEBI-registered investment adviser; this page is educational, not personalised advice or a solicitation.