Alternative Investment Funds (AIFs) are SEBI registered pooling vehicles, where monies are collected from numerous investors, and investments are made in accordance with the defined purpose of the fund. Angel Funds are a sub-category of AIFs which raise funds from 'Angel Investors' for making investments in one or more schemes. The funds raised against each scheme (which corresponds to an identified investee company) are used solely for investing in such investee companies. Angel Investors are allotted units of the relevant scheme of the Angel Fund, and their profits/ losses are in the same nature and same proportion as if they had directly invested in the investee companies.
As per current SEBI regulations, investments into Angel Fund AIFs can only be made by persons who meet the following criteria (“Angel Investors”):
(a) In case of an individual, person who has net tangible assets of at least INR 2 crores (excluding value of his principal residence), AND who: (i) has early stage investment experience, or (ii) has experience as a serial entrepreneur, or (iii) is a senior management professional with at least ten years of experience. ('Early stage investment experience' means prior experience in investing in start-up or emerging or early-stage ventures and 'serial entrepreneur' shall mean a person who has promoted or co-promoted more than one start-up venture);
(b) In case of a body corporate, must have a net worth of at least INR 10 crores; or
(c) Any other Alternative Investment Fund or a Venture Capital Fund registered with the SEBI.
Anicut Capital LLP is the sponsor and investment manager of the Grand Anicut Angel Fund, a SEBI registered Category I AIF.
SiriusOne Capital LLP is the sponsor and investment manager of the SiriusOne Capital Fund, a SEBI registered Category I AIF.
The returns will be paid by the AIF directly in the bank account, the details of which are provided by you during the onboarding process. You will not be able to change the bank account details later. Hence, we urge you to carefully consider the same.
The AIF will issue a quarterly statement to all contributors of to its schemes on a quarterly basis, which will capture details of all units held by a contributor in the schemes launched by the AIF.
