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RBI rule change leaves many AIFs in the lurch
Mint Mumbai
|September 13, 2023
Changes to Form INVI have halted many new, follow-up investments
Following a recent change in the Reserve Bank of India (RBI)’s regulations, venture capital and private equity funds have halted new and follow-up investments, resulting in a backlog of deals, said fund managers and founders. The industry has approached the banking regulator, seeking clarification, they added.
As part of the private equity and venture capital fundraising process, investors or limited partners (LPs) commit an amount to a fund, which is not immediately transferred. The fund manager requests capital on a deal-by-deal basis, which is referred to as capital call or drawdown; then, fund managers issue partly paid units to these LPs. The Securities and Exchange Board of India (Sebi) has granted permission for alternative investment funds, or AIFs, to issue partly paid units when requested by investors and AIFs.
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