INDIA-VEHICLESM20

Alternative Indian Investment Vehicles

Explore PMS, AIF, REITs, InvITs and other alternative vehicles that high-net-worth and experienced investors use in India.

Learning Goals

  • Understand what PMS, AIF, REITs, and InvITs are.
  • Evaluate cost, liquidity, and return expectations.
  • Know which investor profiles should consider each vehicle.

Core Concepts

PMS vs AIF
Beginner

PMS (Portfolio Management Services) are discretionary equity portfolios. AIFs are structured funds across private credit, real estate, and other alternatives.

REITs & InvITs
Beginner

REITs own real estate assets, while InvITs own infrastructure assets. Both provide yield plus some inflation protection.

Cost and Lock-In
Beginner

Alternatives often charge performance fees, management fees, and have lock-in periods. They are not for short-term investors.

Indian Market Context

Indian marquee REITs like Embassy Office Parks and Brookfield REIT offer listed real estate exposure; AIFs provide access to private debt and infrastructure.

Hands-On Calculators

Future Value Calculator
Future Value₹3,10,585

Gain: ₹2,10,585

Behavioral Insight

🧠 EXOTICITY BIAS: Investors are attracted to novel products, even when simple equity and debt already meet their needs.

From History

Alternative Indian Investment Vehicles

Early REIT investors in India gained steady cash flows while many direct property investors struggled with vacancy and maintenance.

Take the Quiz

Module Quiz
Which alternative vehicle is designed for real estate exposure?
Alternative funds are usually as liquid as mutual funds.
Which cost is common in AIFs but rare in mutual funds?