Alerts & Updates 22nd Sep 2025
On September 09, 2025, SEBI notified the SEBI (Alternative Investment Funds) (Second Amendment) Regulations, 2025 to amend SEBI’s AIF Regulations. These amendments, inter alia, introduced the Co-investment Vehicle (“CIV”) route as per the decision taken by SEBI’s Board on June 18, 2025. On the same day, SEBI also issued a circular to detail the fine print of the regulations applicable to co-investments by investors in Category I and Category II AIFs through CIVs. Our note reviews and analyses the recent amendments and the CIV route and compares the CIV route with the PMS Co-Investment License route as well as IFSCA’s regulations for co-investments through special schemes.
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