Alternative Investment Fund winding-up rules govern investor approval, liquidation, in-specie distribution, and Board-controlled conditions. Alternative Investment Funds are subject to winding-up triggers based on tenure expiry, investor approval, trustees' or Board-related decisions, and the legal form of the fund. Trusts, limited liability partnerships, companies, and other body corporates follow their respective winding-up frameworks, while the trustees, trustee company, board of directors, or designated partners must notify the Board and investors. After intimation, no further investments may be made, assets must be liquidated within the liquidation period, proceeds distributed after liabilities, and in specie distribution may be permitted subject to Board-specified conditions.