PMS and AIF, explained without the sales pitch.
For families who have moved beyond the basics and want a considered, patient approach to larger pools of capital. We'll tell you what these products can do — and just as plainly, what they cannot.
- ₹50LPMS minimum
- ₹1CrAIF minimum
- 3–10 yrsTypical horizon
Portfolio Management Services
A PMS is a portfolio held directly in your own demat account and run by a SEBI-registered portfolio manager. Unlike a mutual fund, you see every stock you own, and the portfolio is built around your capital alone — not a pooled unit value.
Minimum ticket
₹50 lakh
The SEBI-mandated minimum per investor, which can be split across managers.
Ownership
Your demat
Securities sit in an account in your name, with full transparency on holdings.
Style
Concentrated
Typically 15 to 30 stocks — which means conviction, and also higher volatility.
Horizon
3 to 5 years
Equity strategies need patience. Shorter than that, we would not suggest it.
Who it suits
Investors with at least ₹50 lakh they will not need for several years, who are comfortable with a portfolio that will sometimes trail the market, and who want a manager's full-time attention on their capital.
What to look at before choosing
Fee structure (fixed, performance-linked, or hybrid), the manager's track record across a full market cycle rather than just the last good year, portfolio concentration, and how each transaction is taxed in your own hands.
Alternative Investment Funds
AIFs are privately pooled funds, regulated by SEBI, that invest outside the usual mutual fund universe — in areas like private equity, venture capital, credit, real estate, and long-short strategies.
Minimum ticket
₹1 crore
The SEBI minimum commitment per investor in most structures.
Structure
Pooled fund
Capital is drawn down in tranches in many funds, and returns come later.
Lock-in
3 to 10 years
Closed-ended funds are illiquid by design. Early exit is rarely possible.
Risk
Higher
Less liquid, less transparent, and harder to value than listed instruments.
Category I
Funds with a social or economic benefit — venture capital, angel funds, infrastructure, and SME funds.
Category II
Private equity, private credit, and real estate funds that do not use leverage beyond day-to-day needs.
Category III
Funds using complex or leveraged strategies, including long-short and other trading approaches.
Who it suits
Families with a well-built core portfolio who want a small, deliberate allocation to unlisted or non-traditional assets, and who can leave that money untouched for a decade if needed. For most investors, this is a satellite — not the centre of the portfolio.
How we work with you.
Five steps, and the second one matters most — whether this belongs in your plan at all.
01 → 05
Conversation
We understand your goals, existing assets, and comfort with risk first.
Fit
We tell you honestly whether PMS or AIF belongs in your plan at all.
Selection
Managers and funds are compared on process, track record, and fees.
Onboarding
Documentation and account opening are handled with you, step by step.
Review
Regular reviews against your plan, not against the headlines.
Important disclosure
Lakshya Finserv is an AMFI-registered mutual fund distributor. Portfolio Management Services and Alternative Investment Funds are offered through SEBI-registered portfolio managers and fund managers, and are distributed as a referral or distribution service as permitted by regulation. Investments in securities markets are subject to market risks. Past performance is not indicative of future returns. PMS and AIF products carry risks including loss of capital, illiquidity and concentration, and are suitable only for eligible investors who have read the relevant disclosure document. Minimum investment thresholds are as prescribed by SEBI and may change. Please consult your tax professional about the tax treatment applicable to you.
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