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Long horizon Eligibility applies

PMS, AIF and SIF

Investment structures for larger portfolios, each with a regulatory minimum investment and eligibility criteria. These are not retail products and are not marketed as such.

Ask about this Read the risks first

Why it helps

What this actually does for you

The concrete benefits, without the sales language.

Portfolio held in your own name under PMS

Unlike a mutual fund where you hold units, a portfolio management service holds securities in your own demat account.

Strategies not available in mutual funds

Alternative investment funds can pursue mandates that mutual fund regulations do not permit.

Concentrated rather than diversified by design

For investors who specifically want a focused portfolio rather than a broad one, though this cuts both ways.

Direct engagement with the manager

At these levels the relationship with the investment manager is usually far more direct.

Who it suits

Honestly, who should and shouldn’t

Most sites only show you the left column. The right one matters just as much.

This is for you if

You meet the regulatory minimum investment for the specific structure
This is a portion of a substantial portfolio, not the whole of it
You already hold adequate insurance, emergency funds and core investments
You understand and accept concentration risk
You can leave the money invested for a long and sometimes indefinite period

This isn’t for you if

You do not comfortably meet the minimum — these structures are not designed for smaller portfolios
This would represent most of your investable assets
You need liquidity; exit terms can be restrictive and, for some AIFs, tied to a fund life
You have not been shown the full fee structure including performance fees
You are attracted by past performance figures, which are not indicative of anything future

When in life

When this belongs in your plan

The same band appears on every product page, so you can compare three products at a glance.

22 – 30

Starting Out

Minimums and risk profile put these out of scope at this stage.

30 – 45

Building

Possible for high earners once the core portfolio is properly built.

45 – 58

Consolidating

The most common stage, where accumulated wealth meets the minimums.

58 +

Second Innings

Lock-ins and illiquidity rarely suit this stage.

Highlighted stages are where this product usually fits

How to start

5 steps

What actually happens, in order.

STEP 01

Eligibility check

Regulatory minimums and suitability are confirmed before any product is discussed.

STEP 02

Suitability discussion

Whether this belongs in your portfolio at all, and at what proportion.

STEP 03

Full fee disclosure

Management fee, performance fee, hurdle rate, exit terms — in writing, before anything proceeds.

STEP 04

Documentation

Considerably more extensive than a mutual fund, including agreements with the manager.

STEP 05

Ongoing review

Reporting is typically less frequent than mutual funds, so scheduled review matters more.

What to watch

Read this before you commit

The things a sales conversation tends to skip.

Regulatory minimums are substantial

Each structure carries its own minimum investment set by regulation. If you do not comfortably exceed it, this is not for you.

Concentration cuts both ways

A focused portfolio can outperform and can underperform, by more than a diversified fund in both directions.

Liquidity is limited

Exit terms vary and some structures have defined fund lives. Assume the money is not readily accessible.

Performance fees change the arithmetic

A performance fee above a hurdle rate can materially affect what you actually receive. Model it before committing.

Past performance is not indicative of future results

This applies everywhere, and applies with particular force to concentrated strategies with short track records.

Questions

Common questions

What is the minimum investment?

Each structure carries a regulatory minimum. We confirm the current figures at the time of enquiry, since these are set by regulation and revised periodically.

How is PMS different from a mutual fund?

Securities are held in your own name rather than as units in a pooled scheme, minimums are far higher, and the portfolio is typically more concentrated.

Why is there no detailed product information on this page?

These structures cannot be marketed to the general public in the way mutual funds can. Detailed information is provided to eligible investors after an eligibility check.

Are returns higher?

Not necessarily. Higher minimums and concentration mean a wider range of outcomes, in both directions.

What is SIF?

A specialised investment fund category. Structure, minimums and eligibility differ from both PMS and AIF, and we go through the specifics during the eligibility discussion.

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