You write one cheque, pros pick the deals. ₹1 crore minimum, 7-10 year lock-in. Tax pass-through (Cat I/II) means returns flow at LP's tax rate.
Blume's seed-stage focus + 7-year lock-in matches typical NRI risk appetite — write one ₹1cr LP cheque and let it ride. Add Avendus's quarterly-redemption Cat III for the liquid sleeve. Skip Cat II PE unless you can lock in ₹3cr+ across 2-3 funds.
We compared 8 SEBI AIFs on min ticket, lock-in, vintage IRR, and NRE/NRO accessibility. Three patterns matter:
7-year lock-in matches the natural startup cycle. Blume's seed-stage portfolio (Slice, Razorpay early days, Unacademy Series A) shows top-quartile IRR in their earlier funds. ₹1cr min — write one LP cheque, hold 7-10 years.
Long-short equity strategy. Quarterly redemption gives you a way out if your situation changes. Pair with a Cat I VC fund for the illiquid sleeve.
If you have sector conviction (healthcare booming) or want shorter hold (2-4 years to IPO exit), pick one of these. Lower IRR upside than Cat I VC but more predictable timing.
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