Co-investment scheme rules require approved schemes or portfolio managers with matching exit timing to the main fund. Regulation 17A mandates that co-investment by Category I and II AIFs occur via a co-investment scheme or Co-investment Portfolio Manager, with a shelf placement memorandum filed through a merchant banker before offering the opportunity. Each co-investment requires a separate scheme (excluding Angel funds); only accredited investors may participate; each scheme may invest in only one investee company and may not invest in AIF units. Terms to managers, sponsors or co-investors must not be more favourable than the AIF's, and exit timing must match the AIF's; the scheme is wound up on exit and certain AIF regulatory provisions do not apply.