AIF: Alternative Investment Fund


Alternative Investment Funds that Delivers Value

Based in Mumbai, India; Aequitas is a pioneer in the alternative investment funds industry with its Aequitas Equity Scheme 1 product, generating returns significantly better than the market indices and industry peers.

Riseequities Manager LLP is the investment manager for Aequitas Equity Scheme 1 (CAT 3 AIF) and is owned by Aequitas investment consultancy Pvt Ltd (AICPL)

Aequitas is an authorized alternative investment fund manager that provides alternative investment fund management services for professional investors in India and abroad, with the objective of delivering outsized returns. Aequitas AIF has been registered with SEBI since its inception in 2019. Aequitas offers complete AIF services in India for those seeking to complement their fund management infrastructure and explore the power of wealth compounding. With a 3-year CAGR of 70% as of July 2023, Aequitas AIF is the top Alternative Investment fund in India as per Barclay Hedge in the Asia Emerging Markets.

Embarking on our AIF journey in March 2019, with a fund corpus of $6 million and, in 4 years, commanding a fund AUM of $100 million, validates the robustness of our investment philosophy, which has helped us navigate turbulent market cycles over the years.

As amazing as this sounds, it is only the half-truth.

  • Pooled Resources: AIF is a pooled fund – which means that funds from all investors are pooled and invested as a whole. Each investor is allocated units after the cycle’s funds are mobilized. Due to its pooled structure, resources and efforts that are spent on the portfolio are enjoyed by all investors in a cycle.

  • Hassle Free: Due to the presence of a fund structure, taxation happens at the fund level. This means the investor can enjoy the gains without having to worry about taxation.

  • Diversified Portfolio: At Aequitas we believe in investing with a significant margin of safety. In order to mitigate risks we construct well-diversified portfolios consisting < 25 stocks across sectors with the potential to generate outsized returns.


Co-Fund Manager, AIF

Nishith Shah

Nishith has developed a profound understanding of the equity markets through both his academic pursuits and practical experience. He is a CA and has cleared CFA, USA level 3 all in first attempt. After working at MultiAct for a year, along with 2 years of running his own business, Nishith decided to follow his inspiration, Warren Buffet and take a plunge into the industry by joining Aequitas as a Research Analyst in 2019.

Nishith, appointed Co-Fund Manager of AIF at Aequitas in August 2022, navigates portfolio companies while scouting for new strategic investment opportunities. He brings more than 9 years of experience of investing in equities and is driven by the process of finding Multibagger opportunities.

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Aequitas Equity Scheme

August 2023, our AIF – Aequitas Equity Scheme 1, reached a significant milestone of AUM $100 Million. While AUM building has never been a forefront agenda, it’s a positive feat reassuring the faith our investors have shown in us.

Embarking on our AIF Journey in March 2019, with a fund corpus of $6 million and, in 4 years, commanding a fund AUM of $100 million, validates the robustness of our investment philosophy, which has helped us navigate turbulent market cycles over the years.

As amazing as this sounds, it is only half the truth.

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Our Approach


Investment Philosopy

Our investment philosophy is simple, we walk the talk. We believe that savings doesn’t create wealth for you, investing in the right manner does and through a carefully planned strategy, we deliver what we promise.

Focus & Discipline

  • We focus on facts and fundamentals and ignore market narratives.

  • We do not chase momentum or hot stocks.

  • We do not indulge in derivatives or IPOs.

Multibagger Approach

  • Growth: The company must have above average growth potential for the next 3-5 years.

  • Contrarian: We do things differently, which is a must to identify Multibaggers.

  • Value: The valuation must be reasonable with a definite potential of re-rating soon.

Qualitative Analysis

  • Screeners: To analyze fundamental financial metrics

  • Research: We do our own primary research.

  • Portfolio Construction: Identify robust stocks, fit across all above parameters.

  • Ongoing research: Revisit the research timely to take informed decisions.

Portfolio Construction

  • We aim to construct a portfolio of around quality stocks that are fundamentally strong, with a focus on mid and small cap growth companies, with a horizon of 3-5 years in mind.

Why Small caps

  • Have outperformed large caps through upcycles.

  • Many large companies started as mid/ small caps.

  • ‘Riskier than large caps’ is a myth.

Selection Criterion

  • Industry Leaders

  • Low Debt

  • Good Management

  • Valuations

  • Creeping Acquisition/ Buy Backs

  • Cash Flow


  • Risk equates to what Ben Graham called a “permanent loss of capital”.

  • There are 3 risks that we particularly focus on:

    • Valuation Risk
    • Earnings Risk
    • Balance Sheet Risk

Aequitas AIF - FAQs

? What type of AIF is Aequitas’s Alternative Investment Fund?

Aequitas Equity Scheme 1 (Aequitas AIF) is a long-only category III AIF, with exposure in only listed Indian equities.

? How is tax computed in AIF Investment?

The regular taxes like Short-term tax gain, Long-term tax gain & Dividend Tax are computed as applicable. Taxation happens at the fund’s end, unlike PMS.

? What is the minimum amount required to invest in Aequitas’s Alternative Investment Funds in India?

The minimum ticket size is INR 3 crore.

? Can NRIs invest in Alternative Investment Funds in India?

Yes, NRIs can invest in the AIF.

? Is there any lock-in period in AIF?

Yes, there is a 1-year lock-in period.

? Do I need to open a demat account first?

Yes, it is a mandate to have a demat account before investing in AIF.

Offshore Fund (based out of Dubai International Finance Centre)

DIFC registered dollar denominated fund for NRIs and International investors only, focused exclusively on direct investment into Indian equity markets, additionally providing tax benefits by saving on GST.

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