Mumbai – 400051
February 9, 2022
• SEBI introduces a new co-investment framework permitting AIF investors to co-invest alongside the AIF through portfolio managers
• The new framework provides that co-investments cannot be on more favourable terms than AIF investments
• Co-investments are not permitted in listed securities
• The global practice of using dedicated co-investment vehicles remains a challenge under the current framework
• There is a tax risk that the co-investors and the AIF will be regarded as an association of persons (AOP) and be taxed at the rate of approximately 30%
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