General Investment Conditions

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....table funds in an Investee Company directly or through investment in the units of other Alternative Investment Funds^ ^9[:]] ^10[Provided that large value funds for accredited investors of Category I and II may invest up to fifty percent of the investable funds in an investee company directly or through investment in the units of other Alternative Investment Funds;] ^16[(d) Category III Alternative Investment Funds shall invest not more than ten per cent of the investable funds in an Investee Company, directly or through investment in units of other Alternative Investment Funds and the large value funds for accredited investors of Category III Alternative Investment Funds may invest up to twenty per cent of the investable ....

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.... sell investments, from or to - (a) associates; or (b) schemes of Alternative Investment Funds managed or sponsored by its Manager, Sponsor or associates of its Manager or Sponsor; or (c) an investor who has committed to invest at least fifty percent of the corpus of the scheme of Alternative Investment Fund: Provided that while obtaining approval of the investors, the investor specified under sub-clause (c) who has committed to invest at least fifty percent of the corpus of the scheme of Alternative Investment Fund and is buying or selling the investment, from or to, the Alternative Investment Fund, shall be excluded from the voting process.] ^13[(f) Un-invested portion ....

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....alisation, (b) investments held by a liquidation scheme of the Alternative Investment Funds that are not available in the dematerialised form, and (c) such other investments by Alternative Investment Funds and such other schemes of Alternative Investment Funds as may be specified by the Board from time to time.] (2) Notwithstanding the conditions as specified in sub-regulation (1), the Board may specify additional requirements or criteria for Alternative Investment Funds or for a specific category thereof.   ************** NOTES:- 1 Substituted by the SEBI (Alternative Investment Fund) (Amendment) Regulations, 2013, w.e.f 16-09-2013 for the word "corpus" 2 Ibid 3 Ibid 4 Inserted by ....

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....as "(f) Un-invested portion of the ^3[investable funds] may be invested in liquid mutual funds or bank deposits or other liquid assets of higher quality such as Treasury bills, CBLOs, Commercial Papers, Certificates of Deposits, etc. till deployment of funds as per the investment objective;" 14. Substituted vide Notification No. SEBI/LAD-NRO/GN/2021/57 dated 09-11-2021 w.e.f. 09-12-2021 before it was read as "(b) Co-investment in an investee company by a Manager or Sponsor shall not be on terms more favourable than those offered to the Alternative Investment Fund;" 15.  Substituted vide Notification No. SEBI/LAD-NRO/GN/2021/57 dated 09-11-2021 w.e.f. 09-11-2021 befor....