India’s alternative asset industry stands at an early but accelerating in?ection point. 1The economy is growing at seven to eight per cent annually, household wealth is expanding rapidly, and the ?nancialisation of savings already visible in the surge of equity mutual fund ?ows, which have grown more than sixfold since 2016 is beginning to reach the private markets.2 Yet by any comparative measure, India remains dramatically underpenetrated: alternatives account for less than two per cent of GDP3, against ?fteen per cent in the United States and far higher proportions across comparable developing economies. Total commitments in India’s Alternative Investment Fund industry stood at approximately Rs 15.7 trillion (USD 180 billion) as of December 20254, with over 1,700 registered AIFs— a fraction of China’s USD 2 trillion and the United States’ USD 15 trillion in alternatives assets under management." />
