SIF surge: how a new fund class is disrupting HNI investing in India, squeezing Category III AIFs and PMS providers

SIF assets surged ninefold to ₹17,857.77 crore since October 2025, disrupting the Indian investment market. These new funds now squeeze Category III AIFs and PMS providers, which saw growth slow down significantly. “SIFs have given very tough competition to Category III AIFs, so much so that we are struggling,” said one executive.