Crisil Alternate Investment Funds Benchmarks

Crisil is the pioneer in benchmarks for the alternative investment funds (AIFs) industry in India.


Our benchmarks cover all the three broad categories of AIFs – Category I, II and III – and provide investors with a metric to compare an AIF’s performance with the category average.


The benchmarks have been developed taking into consideration various facets of the industry and are on a par with global performance metrics. 


For categories I and II, our AIF benchmarks use aspects such as pooled internal rate of return (IRR), investment multiples and ratios such as distribution to paid-in capital (DPI), residual value to paid-in capital (RVPI), and total value to paid-in capital (TVPI). We also provide benchmarks based on vintage years to bring in uniformity in the comparison of funds with similar first close timeline. Further, we calculate the public market equivalent (PME+) for Category I and II to compare the performance of the benchmarks with public market indices. 


For Category III, we have created an asset-weighted index using quarterly returns and the respective assets under management. We have considered only those vintage years when at least three schemes were available.

Crisil has also created 15 sub-category benchmarks across Categories I, II, and III.

 

Category I
 

- Venture capital funds
- Social Venture funds
- SME Funds



Category II
 

- Equity funds – Unlisted
- Equity funds – Listed + Unlisted
- Real estate funds
- Real estate funds - Residential
- Real Estate Funds – Residential (debt-         oriented)
- Debt funds
- Distressed asset funds



Category III
 

- Long-only Equity Funds
- Long-only Equity Funds (open-ended)
- Long-only Equity funds (closed-end)
- Long-short Equity Funds
- Hybrid funds



The sub-category benchmarks add further granularity to the AIF benchmarks and enable like-for-like comparison.


For all category and sub-category benchmarks, returns are calculated on post-expense, pre-carry, and pre-tax basis, and in rupees as well as US dollar.

Crisil AIF Benchmark – Cat I (INR)

Vintage year
No. of schemes
Pooled IRR (%)
Investment multiples and ratios
DPI
RVPI
TVPI
FY14
5
11.0
1.3
0.6
1.9
FY15
9
7.9
1.1
0.4
1.6
FY16
18
21.7
0.7
2.4
3.1
FY17
11
29.5
0.7
2.2
3.0
FY18
11
23.6
0.6
1.5
2.0
FY19
12
24.9
0.1
2.3
2.3
FY20
17
21.0
0.1
1.7
1.7
FY21
5
12.6
0.01
1.3
1.3
FY22
8
12.8
0.01
1.2
1.1
FY23
20
9.1
0.03
1.1
1.1
FY24^
6
24.1
0.04
1.1
1.2
Total schemes
122
        

Values as on September 30, 2024
DPI: Distributions to paid-in capital, RVPI: Residual Value to paid-in capital, TVPI: Total Value to paid-in capital
Schemes that have completed at least one year since their first close as on September 30, 2024, have been considered
Returns and ratios refer to post-expense, pre-carry, pre-tax values
Only those vintage years have been considered that have at least 3 schemes available. 
FY denotes financial year; for example, FY14 refers to period between April 2013 and March 2014
^ Data pertains to the first half of the year, i.e. only those schemes that had their first close between April and September 2023
The total of DPI and RVPI may not add up to the TVPI number because of rounding off

 

Crisil AIF Benchmark – Cat I (USD)

Vintage year
No. of schemes
Pooled IRR (%)
Investment multiples and ratios
DPI
RVPI
TVPI
FY14
5
7.5
1.1
0.5
1.5
FY15
9
5.1
1.0
0.3
1.3
FY16
18
18.0
0.7
2.0
2.6
FY17
11
25.1
0.7
1.9
2.6
FY18
11
19.7
0.5
1.3
1.8
FY19
12
20.9
0.1
2.0
2.1
FY20
17
16.9
0.1
1.5
1.6
FY21
5
8.9
0.01
1.2
1.2
FY22
8
9.7
0.01
1.0
1.0
FY23
20
7.4
0.03
1.1
1.1
FY24^
6
23.0
0.04
1.1
1.2
Total schemes
122
        

Values as on September 30, 2024
DPI: Distributions to paid-in capital, RVPI: Residual Value to paid-in capital, TVPI: Total Value to paid-in capital
Schemes that have completed at least one year since their first close as on September 30, 2024, have been considered
Returns and ratios refer to post-expense, pre-carry, pre-tax values
Only those vintage years have been considered that have at least 3 schemes available. 
FY denotes financial year; for example, FY14 refers to period between April 2013 and March 2014
^ Data pertains to the first half of the year, i.e. only those schemes that had their first close between April and September 2023
The total of DPI and RVPI may not add up to the TVPI number because of rounding off

 

Crisil AIF Benchmark – Cat II (INR)

Vintage year
No. of schemes
Pooled IRR (%)
Investment multiples and ratios
DPI
RVPI
TVPI
FY14
12
8.0
1.2
0.03
1.2
FY15
13
6.3
0.9
0.4
1.3
FY16
15
14.3
1.0
0.9
1.9
FY17
36
12.1
0.8
0.8
1.6
FY18
47
15.9
0.8
1.0
1.7
FY19
59
20.0
0.6
1.1
1.7
FY20
56
14.3
0.5
0.8
1.3
FY21
35
15.7
0.6
0.7
1.3
FY22
99
11.0
0.2
1.0
1.2
FY23
114
12.8
0.2
1.0
1.1
FY24^
41
23.4
0.3
0.8
1.1
Total schemes
527
        

Values as on September 30, 2024
DPI: Distributions to paid-in capital, RVPI: Residual Value to paid-in capital, TVPI: Total Value to paid-in capital
Schemes that have completed at least one year since their first close as on September 30, 2024, have been considered
Returns and ratios refer to post-expense, pre-carry, pre-tax values
Only those vintage years have been considered that have at least 3 schemes available. 
FY denotes financial year; for example, FY14 refers to period between April 2013 and March 2014
^ Data pertains to the first half of the year, i.e. only those schemes that had their first close between April and September 2023
The total of DPI and RVPI may not add up to the TVPI number because of rounding off

 

Crisil AIF Benchmark – Cat II (USD)

Vintage year
No. of schemes
Pooled IRR (%)
Investment multiples and ratios
DPI
RVPI
TVPI
FY14
12
5.3
1.1
0.02
1.1
FY15
13
3.4
0.9
0.3
1.2
FY16
15
11.2
0.9
0.7
1.6
FY17
36
8.4
0.7
0.6
1.4
FY18
47
11.9
0.7
0.8
1.5
FY19
59
16.1
0.5
1.0
1.5
FY20
56
10.5
0.5
0.7
1.3
FY21
35
11.7
0.6
0.7
1.2
FY22
99
7.5
0.2
0.9
1.1
FY23
114
11.1
0.2
1.0
1.1
FY24^
41
21.6
0.3
0.8
1.1
Total schemes
527
        

Values as on September 30, 2024
DPI: Distributions to paid-in capital, RVPI: Residual Value to paid-in capital, TVPI: Total Value to paid-in capital
Schemes that have completed at least one year since their first close as on September 30, 2024, have been considered
Returns and ratios refer to post-expense, pre-carry, pre-tax values
Only those vintage years have been considered that have at least 3 schemes available. 
FY denotes financial year; for example, FY14 refers to period between April 2013 and March 2014
^ Data pertains to the first half of the year, i.e. only those schemes that had their first close between April and September 2023
The total of DPI and RVPI may not add up to the TVPI number because of rounding off

 

Crisil AIF Index - Cat III

Index
1-year (%)
2-year (%)
3-year (%)
5-year (%)
7-year (%)
10-year (%)
Since inception^
(June 30, 2013) (%)
Crisil AIF Index – Cat III (INR)
31.6
23.3
14.6
18.9
13.8
13.7
15.8
Crisil AIF Index – Cat III (USD)
30.4
21.6
10.1
14.9
9.9
10.3
12.4

Values as on September 30, 2024
Schemes that have completed at least one year since their first close as on September 30, 2024, have been considered. In all, 326 schemes have been considered for the above analysis
Returns refer to post-expense, pre-carry, pre-tax values. Returns for more than one year are annualised
^Since availability of at least three schemes, i.e., June 30, 2013

Click here to get a copy of 'AIF benchmarking report - sub-category'

 

 

To view the detailed methodology, please click here

 

 

Each Crisil AIF Benchmark and Crisil AIF Benchmark Report (including, for the avoidance of doubt, its values) is the sole property of Crisil. Crisil shall, at all times, exclusively own any and all intellectual property rights in the Crisil AIF Benchmarks and Report. No Crisil AIF Benchmark and/ or Crisil AIF Benchmark Report may be copied, retransmitted or redistributed in any manner except for licensed usage agreed with Crisil. While Crisil uses reasonable care in computing the Crisil AIF Benchmarks and preparing the Report and bases its calculation on data that it considers reliable, Crisil does not warrant that any Crisil AIF Benchmark and Report is error-free, complete, adequate or without faults. Crisil explicitly states that it relies on the data received from the AIFs, on an ‘as is’ basis to prepare the Crisil AIF Benchmarks and Report. Crisil does not conduct any independent due diligence on the authenticity or accuracy thereof and disclaims any liability in this regard. Anyone accessing and/or using any part of the Crisil AIF Benchmarks and Report does so subject to the condition that: (a) Crisil is not responsible for any errors, omissions or faults with respect to any Crisil AIF Benchmarks and Report or for the results obtained from the use of any Crisil AIF Benchmarks and Report; (b) Crisil expressly excludes all liability arising from or relating to their use of any part of Crisil AIF Benchmarks and Report.

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