Ampersand Growth Opportunities Fund Scheme (AGOFS-1) is an open-ended and long-only equity investment fund, and investing solely in publicly listed equities.

AIF (Category III) stands for Alternative Investment Fund categorized under SEBI (Alternative Investment Funds) Regulations, 2012 by the Securities and Exchange Board of India (SEBI).

These funds employ diverse and complex trading strategies of with a higher risk profile.

Investors in AIFs (Category III) are typically sophisticated and high-net-worth individuals, and the regulatory framework by SEBI outlines guidelines for transparency and investor protection.

AIF (Category III) in India is taxed at the fund level on income, including capital gains, dividend & interest. This category of funds has no pass-through status. The amounts received by the Investors, at the time of redemption from the Fund are not taxed again in the hands of the Investors.

Regulation: AIF (Category III) is regulated by SEBI (Alternative Investment Funds) Regulations, 2012, known for its involvement in complex investment strategies. Whereas, Portfolio Management Services (PMS) operates under a separate regulatory framework, falling under SEBI (Portfolio Managers) Regulations, 2020, focusing on personalized portfolio management.

Structures: AIFs are structured as collective investment funds (commonly as Trusts), featuring diverse strategies. PMS, in contrast, offers individualized portfolio management.

InvestorBase: AIFs, especially appealing to sophisticated investors and institutions, cater to a more exclusive investor base with minimum investment size of Rs.10mn. PMS, designed for personalized management, is accessible to a broader range of investors, including individuals seeking tailored investment solutions, and the minimum investment size of Rs.5mn.

Tax Rule: In case of AIF (Category III), investment management trust pays all the taxes, and hence subscribers / unit holders don’t pay any tax relating to the investment. In case of PMS capital gains taxes are to be paid by investors.

Regulations: AIF {Category III) : Regulated by SEBI (Alternative Investment Funds) Regulations, 2012, with a focus on diverse and complex strategies.  Whereas, MF Governed by SEBI (Mutual Fund) Regulations, 1996. Mutual funds pool money from various investors to invest in a diversified portfolio.

Investor Base: AIF (Category III) typically attracts sophisticated investors and institutions and have a minimum ticket size of investment into the Fund, being INR 10 Million (INR 1 Crore). MF: Designed for a broad range of investors, including retail individuals and have investment ticket size starting from INR 500.

Taxation: AIF (Category III) are taxed at the fund level on income, including capital gains, dividend & interest. This category of funds has no pass-through status. The amounts received by the Investors, at the time of redemption, from the Fund are not taxed again in the hands of the Investors. MF: Taxation is in the hands of the unit holders / investors at the time of redemption of units of the Mutual Fund.

The Net Asset Value (NAV) of AIF (Category III) is calculated by deducting the fund’s liabilities from its total assets. Total assets include the market value of investments held by the AIF. Liabilities may include expenses and any outstanding dues. The NAV per unit is then determined by dividing the net assets by the total number of units outstanding. The NAV reflects the per-unit value of the AIF and is crucial for investors to assess the fund’s performance.

At the end of each month, investors receive a statement of accounts detailing the number of units they hold along with the NAV of each unit held. Additionally, monthly fund reports are dispatched to investors, offering insights into the fund’s performance for their review.

Step 1
Initial Document Request from the prospective investor
Collect PAN card of the prospective investor

Step 2
KRA/CKYC checks will be performed to check if the proposed investor is KYC Compliant.
If the proposed investor is not registered with CKYC/KRA portal then investor has to get it registered with KRA/CKYC Portal. Our Team will assist the investor to get it registered.

Step 3
Share on Boarding Documents with the Investor

• Private Placement Memorandum of the Fund
• Duly stamped Contribution Agreement
• Subscription Form

Step 4
Document collection and submission

Investor has to submit following documents

• Duly signed Contribution Agreement
• Duly signed supporting documents
• Duly signed KYC documents
• Cancelled cheque
• PPM Acknowledgement

The Fund will be open for new subscription and redemption on a monthly basis.

Subject to the Lock-in Period requirements, any unit holder is entitled to redeem all or a portion of their Units. To initiate a Unit redemption, a Unitholder must furnish the Fund with a written notice (“Redemption Notice”).

Key intermediaries of the AGOFS are as follows:

• Kotak serves as the Fund Administrator,
• Khaitan & Co. provides legal and fund consultancy,
• Deloitte acts as the Statutory Auditor,
• AMICorp functions as the Trustee,
• Ampersand Capital Investment Advisors LLP is the Investment Manager,
• CAMS serves as the Registrar and Transfer Agent.

This collaborative team ensures efficient operations, legal compliance, and sound financial management.

The investment landscape in India encompasses a diverse array of entities eligible to participate, including persons residing in India, those residing outside India, including non-resident Indians, Hindu undivided families, banks, financial institutions, alternative investment funds, bodies corporate, and partnership firms. This broad spectrum accommodates a mix of individual and institutional investors, fostering a dynamic and inclusive environment. Whether domestic or international, these entities contribute to the vibrancy of the financial ecosystem, each bringing its unique perspective and investment objectives. The range of eligible participants reflects the inclusivity of the investment framework, catering to a variety of investor profiles and organizational structures.Compliance cost for investors outside of India, however can vary depending on country of origin.