Investment limits for infrastructure debt funds require prescribed asset allocations and concentration caps on single project exposures. Regulation 49P requires infrastructure debt fund schemes to invest at least ninety percent of net assets in debt securities, securitised debt instruments or bank loans of infrastructure companies, projects or special purpose vehicles, with principal repayments reinvested under the same rules or, if unavailable, in bonds of Public Financial Institutions and Infrastructure Finance Companies. The balance may be invested in equity, convertibles including mezzanine financing, money market instruments and bank deposits. Investment restrictions apply over the scheme life-cycle and include concentration caps, limits on lower-rated or unrated holdings subject to trustee and board approval, and prohibitions or conditions on investments in sponsor or associate securities with trustee approval and investor disclosure.