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 ten sub-category benchmarks across Categories I, II, and III.

 

Category I
 

- Venture capital funds



Category II
 

- Equity funds - Unlisted

- Equity funds - Listed + Unlisted

- Real estate funds

- Real estate funds - Residential

- Debt funds

- Distressed asset funds



Category III
 

- Long-only equity funds

- 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
11.75
0.69
1.09
1.78
FY15
9
8.95
0.94
0.65
1.58
FY16
21
32.73
0.42
3.09
3.50
FY17
12
39.26
0.26
2.50
2.77
FY18
11
34.72
0.20
1.88
2.08
FY19
11
47.80
0.02
2.47
2.50
FY20
18
46.89
0.02
1.81
1.82
FY21
5
50.92
0.00
1.52
1.52
FY22^
3
-3.99
0.01
0.96
0.98
Total schemes
95
        

 

Values as on September 30, 2022
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, 2022, 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 2021 and September 2021

CRISIL AIF Benchmark – Cat I (USD)

Vintage year
No. of schemes
Pooled IRR (%)
Investment multiples and ratios
DPI
RVPI
TVPI
FY14
5
7.94
0.61
0.88
1.48
FY15
9
5.87
0.84
0.51
1.35
FY16
21
28.04
0.38
2.60
2.99
FY17
12
33.38
0.25
2.19
2.44
FY18
11
28.87
0.20
1.67
1.87
FY19
11
41.10
0.02
2.22
2.24
FY20
18
38.48
0.02
1.65
1.66
FY21
5
39.35
0.00
1.40
1.41
FY22^
3
-15.03
0.01
0.89
0.91
Total schemes
95
        

 

Values as on September 30, 2022
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, 2022, 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 2021 and September 2021

CRISIL AIF Benchmark – Cat II (INR)

Vintage year
No. of schemes
Pooled IRR (%)
Investment multiples and ratios
DPI
RVPI
TVPI
FY14
13
10.15
1.19
0.14
1.33
FY15
13
10.97
0.64
0.91
1.54
FY16
17
14.77
0.70
0.97
1.68
FY17
35
11.41
0.53
0.83
1.37
FY18
49
17.79
0.54
1.11
1.64
FY19
58
26.70
0.31
1.30
1.61
FY20
59
17.60
0.29
0.99
1.28
FY21
34
17.45
0.37
0.80
1.17
FY22^
43
5.66
0.02
1.02
1.04
Total schemes
321
        

 

Values as on September 30, 2022
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, 2022, 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 2021 and September 2021

CRISIL AIF Benchmark – Cat II (USD)

Vintage year
No. of schemes
Pooled IRR (%)
Investment multiples and ratios
DPI
RVPI
TVPI
FY14
13
7.30
1.11
0.10
1.22
FY15
13
7.37
0.60
0.74
1.34
FY16
17
11.26
0.67
0.82
1.48
FY17
35
7.04
0.51
0.71
1.22
FY18
49
12.85
0.50
0.94
1.44
FY19
58
20.93
0.30
1.16
1.46
FY20
59
11.59
0.28
0.89
1.18
FY21
34
10.28
0.37
0.74
1.10
FY22^
43
-4.54
0.02
0.94
0.96
Total schemes
321
        

 

Values as on September 30, 2022
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, 2022, 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 2021 and September 2021

CRISIL AIF Index - Cat III

Index
1-year (%)
2-year (%)
3-year (%)
5-year (%)
Since inception^
(June 30, 2013) (%)
Crisil AIF Index – Cat III (INR)
-1.53
23.63
16.04
10.51
14.79
Crisil AIF Index – Cat III (USD)
-10.34
17.61
10.64
5.72
10.99

 

Values as on September 30, 2022
Schemes that have completed at least one year since their first close as on September 30, 2022, have been considered. In all, 208 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

Questions?
Reach out to us to know more about Crisil AIF Benchmarks

  • Business Development

    Dinesh Agarwal
    Director
    Business Development
    +91 9324296928
    dinesh.agarwal@crisil.com



  • Dharmendra Sharma
    Director
    Business Development
    +91 9818905544
    dharmendra.sharma@crisil.com

  • Analytical

    Piyush Gupta
    Director
    Funds and Fixed Income Research
    +91 9819650023
    piyush.gupta1@crisil.com