The NPS Viksit Bharat FoF platform is a centralized, technology-enabled framework designed to streamline the evaluation, onboarding, and monitoring of Alternative Investment Funds (AIFs) seeking investment from NPS pension funds.

The platform serves as a single-window interface for AIFs to submit applications, undergo due diligence, and receive investment commitments from participating pension fund managers in a transparent and efficient manner.

The following categories of SEBI-registered Alternative Investment Funds are eligible for consideration:

• Category I AIFs: Venture Capital Funds, SME Funds, Social Venture Funds, Infrastructure Funds
• Category II AIFs: Private Equity Funds, Debt Funds, Fund of Funds

All AIFs must be registered with SEBI and comply with applicable regulatory frameworks and investment guidelines issued by NPS Trust and PFRDA.

The NPS Viksit Bharat Fund of Funds operates under a sector-agnostic mandate. Investment decisions are driven by governance standards, fund manager quality, risk-return potential, and strategic fit — not by sector bias.

However, the fund remains open to investments across all sectors including but not limited to:

• Financial Services
• Technology and Digital Innovation
• Infrastructure and Logistics
• Healthcare and Pharmaceuticals
• Manufacturing and Industrial Growth
• Clean Energy and Sustainability
• Defence and Aerospace
• MSME and Entrepreneurship

The total corpus of the NPS Viksit Bharat Fund of Funds will be determined based on commitments from participating NPS pension fund managers and their respective scheme allocations under Alternative Investment allocation limits.

The corpus size will grow progressively as pension funds allocate capital to the FoF platform in line with their investment strategies and regulatory guidelines.

The minimum target corpus size for an AIF seeking investment consideration through the FoF platform will be specified in the investment guidelines and application process.

This threshold ensures scale efficiency, adequate diversification, and meaningful allocation across participating pension fund schemes while maintaining prudent risk management standards.

SEBI-registered AIFs can apply through the dedicated NPS Viksit Bharat FoF platform. The application process includes:

• Online registration and submission of fund documentation
• Compliance with eligibility criteria and investment guidelines
• Participation in centralized due diligence process
• Review by the Investment Committee and participating pension funds
• Formal commitment and documentation process

Detailed application guidelines, timelines, and requirements will be published on the official platform portal.

Investment in foreign companies or entities by AIFs receiving FoF commitment will be subject to:

• Applicable SEBI AIF Regulations
• NPS Trust investment guidelines
• PFRDA norms and overseas investment limits
• RBI regulations on foreign exchange and remittances
• Specific approval requirements as outlined in investment agreements

Any overseas investment proposal must be disclosed, evaluated, and approved in accordance with the governance framework established by NPS Trust.

Yes. Investments in Alternative Investment Funds by NPS pension funds are subject to regulatory caps prescribed by PFRDA, including:

• Maximum percentage allocation to Alternative Investments per scheme
• Exposure limits per fund manager and fund
• Concentration limits to ensure diversification
• Asset class-wise allocation caps within the alternative investment bucket

All investments through the FoF will strictly adhere to these regulatory limits and will be monitored continuously for compliance.