Long-Only Equity AIF
One vehicle holding two things. The listed stocks anyone can buy, and the off-market pre-IPO and anchor allocations most investors never see.
A Category III long-only AIF, also available through GIFT inbound. It blends a concentrated listed-equity book with a 15 to 20% sleeve of pre-IPO and anchor allocations. Public and late-stage private markets in one commitment.
By Yash Jhaveri, Founder & CEO, Beyond
Beyond · JSL Wealth Management · Vadodara · ARN XXXXX
Last reviewed September 2026 · Regulatory position as at September 2026
The job it does
- Concentrated listed alpha plus pre-IPO access in one commitment
- Anchor and IPO allocations retail investors rarely receive
- A single high-conviction growth engine above the MF layer
Why people use it
- Internal churn is not taxed in your hands — the fund pays, you receive NAV
- The pre-IPO sleeve adds a return source uncorrelated with daily markets
- Pooled scale can secure anchor access no individual gets
What can go wrong
- Fund-level tax typically at the maximum marginal rate (scheme-specific) is a real drag on gross returns
- The pre-IPO sleeve is illiquid inside an otherwise liquid book
- High conviction cuts both ways in a drawdown
Quick answers
What is the minimum investment in Long-Only Equity AIF?
₹1 Cr. Typical horizon 5+ yrs; liquidity Scheme windows / close-ended.
How is a Long-Only Equity AIF taxed?
Cat III AIFs are typically taxed at the fund level at the maximum marginal rate (scheme-specific — it depends on trust determinacy and income character); you receive post-tax NAV, usually with no further tax in your hands. Confirm per scheme.
What can go wrong with Long-Only Equity AIF?
Fund-level tax typically at the maximum marginal rate (scheme-specific) is a real drag on gross returns. The pre-IPO sleeve is illiquid inside an otherwise liquid book. High conviction cuts both ways in a drawdown.
Can an NRI invest in Long-Only Equity AIF?
GIFT inbound long-only AIFs are frequently the most tax-efficient NRI route into concentrated Indian equity.
Does Long-Only Equity AIF belong in your architecture?
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