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of <h1>Regulator allows Category I/II AIFs to create ring-fenced co-investment CIVs with caps, separate accounts, and reporting requirements</h1> The regulator amends AIF rules to allow Category I and II funds to offer co-investment to accredited investors via a distinct co-investment scheme (CIV) within the AIF structure as an alternative to the portfolio-manager route, effective immediately. CIVs must use separate bank/demat accounts and ring-fence assets; managers must file a shelf placement memorandum detailing terms and governance. Investor co-investment in a target is capped at three times their contribution through the affiliated AIF scheme, except for certain public/sovereign entities. Non-contributing or defaulting scheme investors cannot co-invest in that target. CIVs cannot leverage, must avoid investments creating indirect forbidden exposures or extra disclosure obligations, allocate proceeds pro rata (subject to carried interest), share expenses pro rata, and adopt implementation standards and compliance reporting.
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