Funds

India's alternative investment landscape has evolved considerably, and today's fund managers operate in an environment that is more sophisticated and more demanding than ever before. The structural and regulatory decisions made at fund inception carry consequences that extend well beyond the setup phase which shapes the fund’s economics, investor experience, and operational efficiency throughout the fund's life. Aeka's Funds practice offers end-to-end advisory across every stage of this journey.

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Fund Formation & Structuring

Every fund structure reflects a deliberate set of choices such as investor profile, target asset class, regulatory regime, tax treatment, and return objectives, the consequences of these choices endure for the life of the fund. An ill-considered structural decision can result in a vehicle that is technically compliant but commercially compromised: carried interest that is difficult to enforce, investors facing unintended tax leakage, or a structure that is ineligible for its intended regulatory registration. Getting the foundation right is therefore not a preliminary step — it is the most important one.

We advise fund managers, sponsors, and promoter groups across the full spectrum of formation decisions, bringing together regulatory depth, transaction experience, and commercial judgement to ensure that every fund is built on a structure that supports its long-term objectives. Our counsel is shaped by a thorough understanding of India's evolving fund regulatory environment, and our advisory is always grounded in practical execution.

Areas Of Expertise

Structuring the fund, including various overseas structures, jurisdiction selection including optimising returns to investors/ fund managers

Setting up of AIF, assistance in obtaining SEBI registration, and guidance on the ongoing compliance framework

GIFT City IFSC fund formation, obtaining IFSCA regulatory approvals, and applicable tax benefit advisory

REIT and InvIT structuring

Offshore fund setup — investment memorandum, fund documentation, and Indian regulatory alignment

Investment Execution & Ongoing Compliance

Once a fund is operational, the advisory demands shift from structuring to execution. Each investment decision carries its own tax and regulatory implications, compliance obligations which accumulate over the fund's life, and exits from portfolio companies require careful advance planning to maximise after-tax returns for both the fund and its investors. It is at this stage that the quality of ongoing advisory is most directly felt in fund performance.

We work as an embedded advisory partner to fund managers throughout the operational phase by supporting the structuring of portfolio investments, and providing dedicated advisory on exit transactions.

Whether a portfolio exit takes the form of a strategic sale, secondary transaction, or public market event, we ensure it is structured to optimise returns, minimise tax leakage, and meet all applicable regulatory requirements.